Hi Guys, I want to talk to you today about the magic of 3, when building your business.
The magic of 3.
This comes from the proverb, ‘A 3-corded rope is not easily
broken’. So, I’m no expert, but if you think about manufacturing rope, they
don’t just use one cord, they get at least three, and then intertwine them and it
gives them the rope strength. So, this magic of 3, you can apply to your business.
How can we apply it?
1.The first thing you can do is to have a look at your product range, and make sure you’ve got at least three products that you can sell to your clients.
So, if they say no to one, you’ve got other opportunities. In our industry, in the will writing industry, we’ve got…
- Wills with trusts in them.
- Lasting Powers of Attorney.
- Funeral Plans.
- When the client passes away, there are probate opportunities.
So, make sure that when you talk to a client, you talk packages as I’ve said previously in one of my videos, and you’re putting the magic of 3 into your product range.
2. Apply magic of 3 to your marketing.
Some people do very little marketing, make sure you’ve got at least three
streams. So, for example, you could look at…
- Marketing to mortgage brokers and IFAs, make sure you’ve got relationships where they’ll send you business, and you’ll potentially pay them commission.
- Or, you look at doing seminars. With seminars would run them maybe through care homes, or through hotel rooms, and you’re doing seminars.
- Then of course you could approach a shopping centre, set up a stand in a shopping centre and promote your company that way.
So, whatever methods you choose to do, make sure you’ve got at least three strands of marketing, so that you can apply in your marketing the magic of
3. The same principle of 3 applies in your income stream. You’ve got
immediate money when you sell a will or a lasting power of attorney. But have a look at other streams.
So for example, if you’re storing documents then you’ll get:
- money each year
- residual income
- and when your client passes away you may get probate money.
So, again applying the magic of 3 to income streams makes your company
Finally, let’s say you’re a sole proprietor, you’re on your own, imagine if you
apply the magic of 3 to your business, and you say, ‘Okay, by the middle of
next year I’m going to have 3 sales people working for me’, imagine the
strength in that for your company. Imagine if you became ill, your company
So, when applying the magic of 3, you may have to go through 10 sales people to get 3
good ones, but by thinking and applying this magic of 3, you can make sure that your company is strong, and it sustains itself.
Tim Heard from the Business School of Will Writing.