Strangers have your money

The rallying cry for the wealthy is “who has got my money?”.  I learned early on that when I need to buy something the best thing to do is sell something and then use that money to buy what I want.  An example of this is the iPhone I bought this weekend. I put off buying this phone for a long time because I have been on my frugal life forever.  However, the phone was slowly dipping into foolish not frugal as the apps would close out, the storage made the phone unusable and the battery life lasted less than one hour.  I made the purchase, however, I immediately pulled money out of thin air and sold an LLC to cover the cost (using your skills to invent money is another blog for another day).

Strangers are the people who have got your money

Working at a successful black business taught me that 1) strangers have your money 2) you can run a profitable business and never charge friends or family 3) because of rule number 1 it doesn’t make sense to try and market to your friends and family.

I would sit back and watch strangers come in and drop big money, while the every day regulars and family members got discounts and free stuff.  She gave away all this free stuff but the business was still thriving.  I quickly learned that the strangers brought in the big money.  Family and regulars merely kept the doors open if they did that.

What really shocked me is that I assumed that because the regulars had such a bond with the owner that that bond was what brought them back.  However, the strangers had no idea who the owner was. Often times they think I am the owner.  The key here is that unlike your job, strangers don’t care about you they care about your service.  At your job you are selling you, as a business owner you are selling a product that can take on any form.

Again, they don’t care about the color of the cow they care about the milk

To strangers it isn’t about you it is about the quality of your product or service. This is great because it frees you up from the limited thinking that you can’t make it if you look a certain way.  If you have a quality product, you can create wealth via strangers.  This is something you can control completely. You can’t control how or where you were born, you can’t control the color of your skin or your gender, but you can control the quality of product your produce. 

This isn’t really related to the stranger point but this is just some advice for you. As your business starts making money you have to continue to invest int he quality of your product.  This is what brings in more strangers.  You bare min (MVP: Minimum Viable Product) to get started and then as more revenue comes in you continue to level up the product. ALL entrepreneurs that made it through the recession did so because they produced quality not bs. Don’t be one of the people who think they have to have the perfect product to launch.  If you aren’t ashamed of your first product you launched too late.  Launch and then reinvest in improving the quality.  The sooner you start pulling money out the business for the play play is the sooner you stop leveling up and the shorter your shelf life.

Back to the strangers: Seeing how much money the owner made off of strangers opened me up to working with people I didn’t know.  A switch flipped.  Before a stranger would approach me and I would refer them away in favor of working with someone I knew and was more comfortable with.  After seeing the power of strange money I threw myself at the “uncomfortability” and business has been booming. Strangers have the wealth dog.

Depending too much on familiar faces will hold you back 

In my early years as an entrepreneur I put so much effort into getting the people around me to support me and to help me and business struggled. There are multiple reasons for this. One is jealousy, people don’t want to see you doing better than them so they subconsciously hold you back.  Two is that they believe they should get a hook up because of things that they have done for you in the past. Three is that they know the old you and the old you isn’t nearly as polished as the new you.  For these reasons you have to think bigger than your immediate circle if you want to make it.

There is a very successful African American entrepreneur who tells people not even to appeal to their friends in family when they are starting a new business. His point was that your friends and family will want everything for free and you can’t build a business on free, not in the early years. Instead, focus ALL your efforts on finding people that know of you, who respect you as a business person and who are willing to pay a fair wage.

Its not black and white

I know that I might sounds like I am contradicting myself because yesterday I mentioned that you have to work for free to get rich. Well, dummy, you can’t get rich working for free forever.  Working for free is a tactic to create demand until demand actually exists. What I mean by that is that if nobody is willing to hire you then your skills are worth zero. As you do work, people will approach YOU. Those are the people you close on. Its not as black and white and free or nah.  You can do both, you should do both, life is gray not black and white.

In fact, even after you get successful you will still be doing free work. This is why I brought up that you can be successful and never charge friends or family. As you grow and get wealth through strangers you can still afford to not charge friends or family.  You can still speak for free, write books for free, appear on podcasts for free.  Just know that your free is an investment in finding more strangers.

So, get over your fear of working with people you don’t know. Strangers have your wealth.  Everything that you need, a stranger has.  Don’t be scurred.  Strange money is green too. If you are interested in working with our investment club or having your taxes prepared by our team email us at info@capitaltodd.com

Be great, invest well,

Todd Millionaire

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