Unlock Your Wealth Mindset: Opportunity in Adversity
Do you have the secret wealth mindset? Do you have a knack for thinking outside the box? Many of us have this ability and have just never been taught how to unlock it. But as this example from Jay Abraham’s Your Secret Wealth shows, it can be fascinating (and profitable!) to develop this part of your brain.
In his program, Jay shares ways he has helped every-day men and women discover the income potential buried in their businesses and in themselves. Earlier examples explored ways to make your business more profitable. But this example is for everyone – no business required. Just, as Jay calls it, the Secret Wealth Mindset.
Secret Wealth Principle #2
You don’t need money to make money,
but you do need the Secret Wealth Mindset
to find opportunity in adversity.
Jay found a retail menswear store desperate for a powerfully compelling way to get tons of customers into their stores quickly. Then Jay also found a health club desperate to get new members into their facility. Desperation or adversity is opportunity in disguise – all you need to know is what the secret, or hidden, value contained or embodied within that distress might be.
Jay found out upon investigation that the cost to put a new member into the health club was incrementally zero over a certain base level of supporting memberships. So it literally cost the club nothing to offer memberships to new prospective members. Jay found out that approximately one in two members renews his membership after the first year. A year membership at that time cost less than $200. Jay went to the club owner and showed him how by letting Jay give the menswear store 20,000 six-month health club memberships to give to its customers making a minimum $100 purchase, both sides benefited magnificently.
The menswear store got a $100 value, which really was worth $100, that they could give to a customer who spent $100 – so customers who were interested in joining or trying out a health club anyhow could get clothes for what amounted to free.
$400,000 for no effort, risk or expense
If 20,000 people received six-month memberships, at least 10% and probably 20% or more would renew directly with the health club at the end of six months. So the health club stood to make 2,000-4,000 people (that’s 10%-20%) times $200 (which is the cost of a one-year renewal). And many of those people would actually renew for 2-3 years.
So by agreeing to the deal – Jay virtually guaranteed the health club 2,000 people, giving them $200 per person in six month or $400,000 for no effort, risk or expense on their part.
Correspondingly, Jay guaranteed the retail clothing store a very appealing way to get customers to come in and be eager to spend $100 or more from them.
A high-five-figure jackpot for just a few hours of time
Jay made out three ways. He charged the men’s store $2 per membership they gave out – payable after the $100 purchase was paid for – that way they were never out of pocket a dime.
He gave the health club owner 75 cents out of every $2 he got from the men’s store. He kept $1.25 per transaction for engineering the deal. He also received a participation on the repurchase membership fees from the health club – as well as the repurchases from new customers that his idea and packaged concept brought the retail store. One deal simple to present and package created a high-five-figure jackpot for Jay.
This is just one example of having and using the Secret Wealth Mindset – which is explained in detail in Your Secret Wealth. (In Lesson 3, once you’ve learned and internalized the Secret Wealth Principles, you’ll see riskless money-making opportunities all around you – opportunities that don’t require a dime in capital.)
This is an excerpt from Jay Abraham’s program Your Secret Wealth. Jay has extensive knowledge and powerful ideas about how to uncover secret wealth in your life that, in his words, “will help you get raises, promotions, security, income streams, and more.” If this example gives you ideas about tapping into your own secret wealth mindset – or makes you want more information – you can purchase Your Secret Wealth and other Jay Abraham books and tapes on Amazon.com. Or go right to the source at www.abraham.com.
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