I know how to make money!

Some years ago, I met a young South African who said to me “I know how to make money but I want to learn how to make money more holistically.” My ears pricked up. “I know how to make money.” The answer to my dreams. And key to the workshop I am running.

So I arranged to have lunch with him and was able to quiz him about what made him say this with such conviction. I have a similar belief. I know that I can organise any project or start any business that I have never done before. I can say this because I know that I can find out how to do it and learn quickly. But knowing how to make money is different. It is unspecific. He did not say that he knows how to start businesses or provide services that will make money. He knows how to make money.

Here is what I learned: -

When he arrived in London four and a half years ago nobody told him that the average earnings were ￡20,000 or that a manager’s salary was ￡40,000. He just converted earnings from rands and as a result has never earned less than a six figure salary! Starting from scratch in his late twenties without a university education.

He believes in the law of reciprocity, and believes that reciprocity can occur in many different ways. He believes that everyone knows everybody else so that if he behaves badly it will get back to him. Values are very important to him.

Whenever he does something for someone, he always asks how he could have done it better. Like this he learns fast and has become the best lecturer in the world on a particular German software product.

But the real difference that makes the difference is this: “I ask myself ‘What do I have to do so that people will give me money?’”

“What do I have to do so that people will give me money?”

Then he can apply this in identifying or developing a business or service.

Notice the key words in his belief. What do I have to do? He takes personal responsibility. So that people will give me money. Not pay him money. What can he do so that people want to give him money?

This one sentence: “What do I have to do so that people will give me money?” was a revelation to me and will enable me to improve the commercial basis of my business.

Someone else I met recently told me about another consultant, who was charging ￡10,000 a day for the sort of work that I can do. "He is very bright, and only 25." My next ask is to discover whether I heard correctly and whether the facts are right. If so, then what causes an organisation to be prepared to pay such rates, and what does a consultant have to do to persuade them to do so?

So here are three exercises for you. Answer these questions:-

• What could I do so that people will pay me money?
• What do I have to do so that people will want to pay me money?
• What has to happen so that people will pay me loads of money?

Here is a fourth question that you might like to consider”

• What has to happen so that people will continue to pay me money?

Richard Winfield is the author of The New Directors Handbook, creator of The Essential Directorship and Strategic Company Secretary masterclasses and curator of the CPD 2.0 Professional programme, which provides a stream of governance alerts and management insights. He teaches corporate governance internationally to directors, boards and corporate secretaries and provides personal career coaching and assistance in preparing effective job applications, supported by comprehensive online assessments. Clients approach Richard to help bring structure and clarity to their lives.

?PS: The answer to the fourth question is to get them addicted. Apple, Microsoft Office etc.

#wealth #makemoney