The basic philosophy of this bling slinging business is as follows....
If you sold 6 pieces of jewelry an hour that’s more than minimum wage LINDA!
6X$5 = $30 gross
You paid 55% of $30 buying jewelry at wholesale
So your net profit
$30X45% = $13.50 and hour! (Take home pay)
So the more you sell an hour, the more take home pay you gain. You totally control your profit. Whether you sell it today, tomorrow, next month or next year. 45% commission remains constant.
Where’s the lie?!!!! Numbers don’t lie! The person who said you could sell jewelry without jewelry did!
But you can’t look at the box. OPEN IT and SELL IT!
“Please click this link to see the average earnings for Paparazzi Consultants: https://bit.ly/2rWXvX0”
Starting a business takes an initial financial investment. You must put more money in initially in order to gain a return. But you are required to work tirelessly on your initial investment if you wish to see a quick return.
It’s just like buying a rental property to fix up and flip to make more money. You have to come out of pocket initially to make repairs and get the equity up. Once you put the house on the market, you’re hoping for a large profit. The same principle applies to your Paparazzi business.
If you got into this business thinking you would make good money only purchasing 25 pieces of jewelry a month, you are sadly mistaken. Do the math. You pay $2.75 so you earn $2.25 on every item SOLD. So if you sell everything, that’s $56.25. That probably won’t fill your gas tank up.
If you want to make money, then you better start prioritizing and take your business seriously BOSS!
I'm teaching my team to complete strategic plans for 2019. Wanted to share with other entrepreneurs.
SWOT Analysis should be completed annually on your company. You typically want to complete it at least 30-45 days before the year ends. It helps you complete a Strategic Plan for the following year.
Most companies complete a 3-5 year strategic plan and review it annually for updates. That’s those fancy retreats your CEO and Executives go off to. With a small business like ours, an annual strategic plan is good and you should review it quarterly.
What do I do well?
Changes? Add at least one additional weekly live
What does my team do well?
Changes? More internal training from Bling Bosses leadership
What can I do better?
Changes? Pick a time of day to get these done
What can my team do better?
Opportunity and Threats you think long and hard about. Each one should have at least two ACTION STEPS to resolve with time frames to get them done. Those are detrimental to your business
The key to success in this directs sales company is to SELL the product. I quickly identified the missing piece of several “blueprints” that other leaders were sharing with their teams. Many were encouraging their team members to buy jewelry without teaching them the importance of selling the jewelry. It was apparent they were creating pyramids for themselves but they didn’t understand that eventually, that web would catch them.
Paparazzi Accessories success is backed by our product and a low price point. The fact that this company produces affordable and quality jewelry that can be compared with any retail store makes us the GOAT (Greatest Of All Times). If Consultants focus on their sales and create sales goals as any profitable retail store does, they will see much success and growth with their teams. This is what I teach my downline and ultimately why those that listen and implement, WIN!
How do you create sales goals? Great question! Me personally, I create a monthly sales objective. I started this business wanting Paparazzi to pay my mortgage. Now, Big Papa pays for everything!
My Formula: Add up what bills you want Paparazzi to pay every month. Multiply that total by 45%. That’s how many pieces you need to SELL monthly. Focus on SELLING and Life of the Party rewards will naturally happen.
As an entrepreneur, you need a business plan to keep you on track. It’s simply a description of the vision for your business. As your business evolves, you may make adjustments to your strategic goals but there must be a foundation, a roadmap.
A business plan should have 5 main objectives:
Business planning is a Godly concept. Habakkuk 2:2 teaches us to “write the vision, and make it plain”. It’s important to recognize what’s needed in order to make your business successful and count the time and financial cost to succeed. This is also bible.
Luke 14:28 - 30
28 For which of you, intending to build a tower, sitteth not down first, and counteth the cost, whether he have sufficient to finish it?
29 Lest haply, after he hath laid the foundation, and is not able to finish it, all that behold it begin to mock him,
30 Saying, This man began to build, and was not able to finish.
You must PLAN to SUCCEED!