It was well worth the effort of traveling to an Entrepreneurs Bootcamp to listen to a live presentation by Andrew Reynolds.
Andrew suggested we jot things down during the weekend, this is particularly useful and I came away with more than a few light bulbs drawn in the columns to donate a Eureka moment.
I had also written down and circled some important phrases Andrew Reynolds talked about. Here’s one of them…
Low product costs and high margins.
One of the couples there, they had pulled in £400,000 from Andrew Reynolds VIP training package. And they told us about their experiences to show us what Andrew is always recommending his students remember and that is…to always think – low product costs and high margins.
Using one of Andrew Reynolds Cash on Demand methods, this couple had a product of two CD’s which they sold for £197. They posted the product in a jiffy bag. Sending the product, including the cost of postage, the total was £5.That was their product cost, just £5 and the selling price, £197 + VAT.
At the live seminar, Andrew Reynolds told us that you don’t need to be too intelligent to make money in this business. If you remember the principle of low product costs and high margins then making money becomes relatively simple.
Andrew Reynolds told us that before he started his own Cash on Demand business, he worked in house building with a house builder that had 1.7 billon pounds worth of debt. Compare that to getting a profit of £192 out of a £197 selling price. It’s easy to see how you make money from a Cash on Demand business.
House building is complicated because there are hundreds of different house types and before you can even start to build, there’s all the preparation of drawing up plans for planning applications and dealing with town planners and a barrage of health and safety regulations. But as Andrew explained to us, for a Cash on Demand business there are only three types of products.
Makes it simple and easy doesn’t it?
These products are so easy to grasp as well, because they are familiar to us all. They are paper products, digital products and workshops. That’s it.
To give us more information on how we could keep our marketing costs low, Andrew Reynolds introduced a speaker, Paul Hartunian who told us all how to use some free publicity techniques.
Later we found out that Andrew Reynolds was giving us some DVD’s at the end of the weekend. Andrew advised us we could launch them using the free publicity techniques that Paul Hartunian had shown us.
Along with low marketing costs…well you can’t get lower than FREE can you?…Andrew Reynolds talked about…
Low overheads – which again I had written down and circled so I knew it was particularly important.
Andrew Reynolds explained to us, that he started his business working from a spare room. Apparently, he had one of those old pre-pentium type computers and a printer that made so much noise when you fired it up, it used to frighten the neighbours.
Andrew went on to tell us about one of his students who spent virtually nothing on starting his Cash on Demand business. According to Andrew, this student told him, “I’m not paying out good money,” and he built a desk out of two old doors. He simply bolted them together and that was his business desk.
This student decided to start off his business by doing direct mail and he wanted a printer. So, instead of going to somewhere like PC world he paid around £50 for an A3 printer he bid for on eBay.
Andrew Reynolds told us all of this, because he said he gets a lot of people coming up to him and saying, “I’ve only got an old computer and an old printer”. As Andrew pointed out, to run a Cash on Demand business you don’t need the latest technologically advanced computer.
One of the other points a number of people queried yesterday, was that they were worried because, they are not very good with a computer.
Andrew remarked that they must have gone online to find out about this weekend event. And as he said, “So you must be able to use the Internet to find things”. Basically, Andrew Reynolds told us that if you can also write emails and write a word document, you can enter this business.
I wrote that one down, this is my checklist as Andrew explained it to us…if you can: Use the Internet to find things; Write emails; Write a word document… those three skills are all you need to start a Cash on Demand online business.
Andrew Reynolds told us that we don’t need to be a techie or a software whiz kid. Basically, you don’t even have to know how to do a website. You don’t need all that stuff. Andrew made sure we all understood that for this business we don’t need loads of overheads. We don’t need to rent a big office, there’s no need to take on loads of staff. And we don’t need lots of clever people around us.
As Andrew puts it, and I wrote this down as well in my notebook, with a circle around it…“You can be thick and still make money in this business all by yourself.” Sounds reassuring to me, my life’s complicated in other areas, it suits me just fine to have a way of making money that’s simple and easy.
Andrew Reynolds also explained how you can run a Cash on Demand business on autopilot. He went onto explain that the only time he gets involved in the ordering process is when he’s doing a big event like this. He reckons it’s the hardest work he’s had to do all year, putting the live event together.
That’s the reason the Cash on Demand system is shown by a series of simple monthly modules. Each month, you receive a manual which is a one month module, explaining the Cash on Demand system by Andrew Reynolds. However, Andrew covers some of the information during weekend live events.
The system is easily learned and it’s applied to lots of different niches. Once you understand the funnel principle, Andrew suggests you have lots of different little funnels. He operates his business in this way, as Andrew Reynolds explained he doesn’t just have one big huge hopper, but lots of little niche funnels.
The multiple funnels are all different channels of income. And Andrew Reynolds gave us a demonstration of how the orders come in automatically. He showed us that happening. As he told us, it was only eleven years ago when he went to his first seminar in the States. At this seminar, a burly guy from Australia came over to Andrew and asked him, “Have you got a database?”
I did as Andrew Reynolds instructed us all, and wrote this down…You need to build a database of customers.
And Andrew told us that yesterday one of the attendees of the live event, said to him, “It’s all very well for you because you’ve got a big customer database”.
As Andrew Reynolds pointed out, he was in exactly the same position as we are, when he first started. He was in the audience at a seminar. And as he told us, there was this guy at the front, a rich guy telling me how to make money. And Andrew was listening to him and thinking, “I can’t do this. I’m a house builder. I haven’t got a customer list. How am I going to get a list ?”
Andrew Reynolds teaches through the Cash on Demand course, all you need to know so you can build a database of your own starting from scratch.