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Takeaway from Your Money Matters Topic

Posted By Becky Hull, Saturday, November 21, 2009

Thoughts on Your Money Matters

 

After listening to our experts speak on "Your Money Matters”, hearing the many questions of our BIG members in the room, and doing a bit of research on my own, I thought about what the important takeaways are on this complex topic. I came away with some key deliverables that might help me stay on track (and, hopefully you!) and will help define for me how my "money matters.”

 

  • Turn your hobby or passion into a business.  Monetize it! What better way to "work” than to "play” at something you love.  We talk a lot about this, but I was watching CNN this week and saw a brief clip on how to earn extra money. It was all about "monetizing your passion!”

 

  • Do your research. In valuing your product or service, you need to get out of your home office and hit the streets. What are local stores charging for similar products? What is their mark-up? What are your costs to manufacture your
  • Define who you are. Why you offer a better product or service. What is your VALUE PROPOSITION?   And practice this elevator speech over and over until you 1) get it right 2) say it easily.  Then put it to work!!  Our two experts on money matters offered these insights into learning their value propositions: one used her answering machine to practice her value proposition, the other  practiced in front of her mirror.

 

  • Ask for the biz.  Don’t be shy. Ask. Have a rate card or pricing sheet handy.  State your price. Then don’t say another word. Play chicken with your customer.

 

 

Bottom line, we all need to get out there and earn money for ourselves. We need to work it. But work it with good intentions, research and most importantly, passion.
 
---Becky

Tags:  financial  money  tips 

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