Elon Musk saves the day…

Jan 09-25 Playa Caracol, Panama

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“You can get that I’m sure at Panafoto. There’s a store on the way” ?

Greetings from one of the best beaches here in “Middle Earth”.?

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I am speaking of the Playa Caracol and it’s 7 miles of white sand beach. And the resort/community that Grupo Los Pueblos, one of Panama’s largest and most successful property developers, has been building here over the past 10 years.

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We purchased a nice, 3-bedroom townhouse in this area, and I am writing this note from our unit now. We decided on this region for a few reasons:

1. Playa Caracol has the nicest, longest, white sand beach, on the Pacific coast of Panama, within 90 minutes (soon to be 60) from the capital city. ?
2. The developer has a 40-year history of building successful projects, of the best quality. ?
3. The location is on what real estate developers call: “the path of progress”. In fact there are 4 “paths” – which makes this area even more attractive.Massive upgrade to the main highway out west out of Panama City to the province of Panama Oeste – 4 lanes to 8.Construction of new bridge across the canalExtension of the subway across the canal, which will then provide a connection from Tocumen Airport to the east of the city to?La Chorrera, west of the canal.Construction of a railway that will connect Panama City to David – Panama’s third largest city, located near the border with Costa Rica.
4. The country actually boasts a half dozen international airports – with Tocumen, just east of the capital having just completed a massive renovation with a 2nd and very modern terminal. This means one can fly directly to close to 2 dozen US and several Canadian cities, included with the over 80 cities world-wide.?

This particular visit of ours was not only to escape the worst of Canada’s winters. It was also to receive our permanent resident cards for Panama. As a good friend wrote me when I told him we now had Panamanian residency; “now, if you don’t want to leave, you can stay for as long as you want!”

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Indeed.

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Permanent residency in Panama comes with a few other benefits, some of which you might want to explore. (email me if you are interested in learning more)

• One only needs to visit the country 1 day every 2 years, to maintain residency!
• Panama does not tax you on your world income. So, if you continue to work remotely, as I do, they do not take a cent.
• Being a resident here, means we are no longer residents of Canada – thus we will no longer need to file taxes in that country. (Citizenship does not change)
• Property taxes, for owners, here, run about 10% of what is charged in the US or Canada.
• One can set up what is called a “private family foundation” and roll all of one’s assets, including property, into this instrument, and thus greatly and with less cost and time, hand over one’s estate to your beneficiaries – without probate and estate taxes.

This is just a short list. There are many other benefits.?

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One thing many friends wonder about is the quality of life, shopping, health care.

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While the average Joe might only earn $25-$35 a day, there are so many upscale, first-class shops that a North American could easily be surprised they were in central America.?

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We got to sample one of these businesses first-hand, at the beginning of the week.

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Let me give you some context first.

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The small community we purchased into, within the greater Playa Caracol, is only newly completed. In fact, I believe we are the first to get our unit furnished and connected to electricity and gas.?

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That means, upon our arrival, there would be no Wi-Fi in our unit. And for one who works remotely, that was going to be problem. I couldn’t see myself being too productive, working in one of the 2 or 3 common areas.

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So, I asked our driver, a young fellow who is currently working to get his real estate license, whether there might be a shop enroute to our place from the city, where we could purchase a Starlink dish.

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No problem he said. One of the best stores in all of Panama for electronic items, Panafoto, has a location enroute, in Costa Verde.

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Sure enough, he was correct. Not only did they carry Starlink equipment, but they also had the new small dish for those who travel (think RVers) at a discount.

$200 later, I had my dish, and some anxiety over whether or not I would be successful in setting it up at our condo.

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After some frustration in actually setting up an account, owing to the fact that my payment is from a Canadian bank, Starlink is a US company and my location is in Panama, we were successful! In fact, not only was I able to do productive work, but my wife and I were even able to watch a movie later that evening.?

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I am now a big fan of Musk – especially this particular service. One can say whatever one wants regarding his 100% battery operated Teslas, his solar company, space tourism – or even his appointment by Trump in this new “DOGE” department. The Starlink service is real gem.

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I can see this being a huge benefit to people in all the remote areas of the world and to those areas either underserved or yet to be served, with decent internet access.

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The big lesson here?

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Determine the need or want that many people have and then develop a product or service that meets it. This is the key. For whatever you wish to sell or provide, make sure there are enough people first, who have desire for it.?

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The idea that simply building a better mousetrap will lead to a flood of customers is a myth.?

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Once you have determined a strong desire for a product or service and you are confident you can fulfil and provide it, you can proceed to figure out how to deliver it.? ?

Often, that is still not enough.?

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You will also want to deliver it in a way that makes you the number 1, (in your market) provider of the service. In other words, you will need to explain in your marketing of said, product or service, that you are helping your prospect solve a problem or challenge that they have but cannot solve with a solution they want and don’t have (but you do). And show how your service or product is superior or of better value, to all other competitors.?

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Do this, and you will have no problem with profits.

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Until next week,

Stay healthy and focus on profit!?

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- Hugh? The “Profit Accelerator” Expert

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P.S. Could it be that Everything You’ve Learned About Building a Successful Business is WRONG? Increase Just 12 Areas in Your Business by a Meager 1.4%* and Your Profits Will DOUBLE! See for yourself using your own numbers -> streetsmartsmba.pro (*Based on a 10% Net Profit Margin.)?

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