Episode 028 – How To Research Your Market for Business Startup Tapping on David Selley’s Experience

As a startup owner, do you have what it takes to make your business venture a successful one?  Do you understand the importance of market research and 2 ways in which you can avoid suffering huge financial losses before you launch your new products or services.  

In Episode 028, Jack has invited David Selley, the Founder and CEO of International Entrepreneurs Association to share the key factors to help you become a successful entrepreneur and explain why doing market research is mission critical. David also shared two ways that help you avoid suffering huge financial losses before launching your products to the market.

Mission of the International Entrepreneurs Assoication

"I'm of the belief that you cannot teach something you haven't done.  We have a disruptive business model as much as that no one has ever done what we're doing and it will allow people that are either trapped and they can't get out of their job because they don't have the money to go to college to learn. Many times from a professor who has not done what he's teaching. There lies the crux of the core, basically the fulcrum of our program and that is to teach people at the grassroots level, as you said, via a network of executive directors in each country."

How to describe the road of entrepreneurship?

"If you're going to be an entrepreneur or you want to be an entrepreneur, you must be prepared for some rocky roads because as I always say from stage (and I'm in the speaking business as well),  the road of entrepreneurship is paid with loneliness, be prepared for criticism, even from family members that that's a bittersweet pill because they want you to be successful, but if you've tried and tried and tried again, you must be prepared to fail and learn from those mistakes and then move forward."

Should you quit your job before venturing to business?

"If you have a job, honour your responsibility with a job to people that are paying you to get the job done. Don't be sitting here daydreaming all day about your project or whatever it is that you've invented or whatever it is that's going on from an entrepreneurial standpoint, but you can plan with proper planning ... You don't want to sacrifice your job while you're doing that and don't quit early. I've done that a number of times and it's not a smart thing to do because if you have responsibilities, most people do, especially if you have a family, you owe it to that provide for your family first and knowing or at least whoever your income and your cash flow is coming from. The entrepreneurial efforts should definitely be secondary until you have reason to believe that the cashflow is predictable."

Power of Positive Thinking

"I had that dream when I was dating my wife, but that would be kind of a hurry However, dream is absolutely almost unmeasurable because it's the driving force that will get you out of bed to make calls at 5:00am and it's the thing that drives you. And once you've got that powerfully in place and you reinforce it daily with whatever routine you have to reinforce your dream because predictably a sudden loser is going to come along and tell you, "that's stupid, you know. Forget it, you know." You must reinforce your strength and your beliefs by a daily routine of some kind where you actually come to grips with it. And I read my goals and dreams every day. I got quite a list."

David's No.1 Quote
"What you do daily will determine what you become permanently!"

Want to know more about David and the International Entrepreneurs Association?  
LinkedIn: https://www.linkedin.com/in/selleydavid
Email: davidselley08@gmail.com
Websites: https://www.IEA777.com and http://www.askdavidhow.com
Want to ask David to speak in your event?  Check this out: 
https://www.youtube.com/watch?v=k2aSvZF5Kf0&t=20s

You can download the Show Notes here: 

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Use The Six Second Rule To Make Better Decisions And Get More Done

When was the last time you spent an hour or two just thinking about what you are going to do that evening, or where you are going to go for dinner, Think about how much time that wasted and think about all the different possibilities you thought of only to go back to your original decision. That is why the first choice, or the first decision you make is usually correct. Most decisions you make can be easily reversed. A good example is deciding on a design or theme for your blog. It takes one click to change the theme of your blog, especially if you are using a free theme. That means that decision isn’t very important.

Set up your blog, worry about the blog content, comments and getting traffic and set whatever theme you see immediately. You can always change it later.

The other thing you remember about the six second rule is if the right decision is that important then it will usually present itself. That means that if you look at the dinner menu, and you see something that jumps out at you. You know that is what you should have for dinner. If you are trying to decide on what niche to theme your website about, and you keep seeing that people ask you the same questions or you enjoy that certain subject. Then, that is the niche you should go after.

It is all important because most decisions don’t really make a difference in your long term life – what you will have for dinner, what will be your new parts domain name, what article you will write about today. Just think about it and do it, and get used to trusting your instincts and taking that first decision into action.

Celebration Sunday – Be a TetraCloser!

How many of you do not like to sales?

How many of you hate sales and salespeople?

From my experience in working with so many trainers, speakers, coaches and consultants, even today I still receive “No” to the above questions I posted.  In fact, what’s interesting is that this group of awesome people have their positive intention and nurturing attitude to transform the lives of other people.  Yet, before they can perform the change work, they must have clients.  And before they have clients, they must be able to close sales.

Two days ago, I had the opportunity to speak to a group of Certified TetraMap Facilitators and share with them the essence of a new program that I have come up with and I call it “Be A TetraCloser” which will be first launched in Singapore in July 2018.

One of the key focuses my partner and I have is to target people who have already gone through sales training before but somehow could not apply what they have learned and monetize their learning.  It is my experience that most of these sales training focus on imparting the information on the participants and due to the time limitation, participants were not given the opportunity to practice in the room and thus, with lack of accountability, they did not have much practice at all.  What makes the matter worst would be they may think that it’s important to sign up for another sales training, thinking that they need more advanced strategies in their toolbox before they can start selling.

What makes “Be a TetraCloser” different from other sales training is that we feel that we have to address the gap between acquiring the knowledge and applying the knowledge. Participants in “Be a TetraCloser” would not learn just the theory but a significant portion of the program would be devoted to allow them to practice by doing role-playing in the room and receive probably the feedback they don’t like to hear because it can be direct, blunt, brutal but definitely the truth.  

A successful TetraCloser with proper guidance and continuous practice would be able to perform the following:

1.    To create instant rapport with the prospects in the first 10 seconds by asking two or three strategic questions

2.    To make a killing presentation that can persuade 100% of the audiences

3.    To get a "yes" from the target audiences to invest in what is offered in the least amount of time and effort

But what is “Be a TetraCloser” not for

1.   You think you are already good in sales and earn the income you want.  This course is not for you.

2.   You know everything in sales and you don't see the need of getting more practices.  This course is not for you.

3.   You feel that there's nothing much to learn about sales.  This course is not for you.

4.   You are afraid of speaking in front of strangers or making a sales pitch.  This course is not for you.

5.   You only want to hear feedback based on what you like to hear.  This course is not for you.

6.   You think you can learn from other people in sales, presentation and closing.  Fine.  This course is not for you.

In the month of May 2018, I will provide more details about how one can make a submit the application to be part of the “Be a TetraCloser” program which will first be launched in Singapore.   No one can register for this program but the participation of this program is by invitation only.

Have fun and see you next week's Celebration Sunday.

PS :Click here to access my 5 Superstar Sales Secrets
https://getyoumoreclients.com

PPS: Click here to access my 5 Business Prosperity Secrets
https://getbusinessbreakthrough.com/

How To Easily Get More Out Of Every Single Day Starting Today

There are three changes I want you to make in your every day, day-to-day routine. Get an accountability partner, document your tasks, and finish what you start.

An accountability partner is really easy. Choose that tasks you are going to be completing today and send that list to someone you know. It can be a business partner, but it doesn’t have to be. Just email them your list of tasks at the beginning of the day and contact them at the end of the day telling them what you did and did not finish. Just the act of having someone report to you makes you alot more productive whether or not they reply, read, or even know you are sending them these messages. It is just that there is the chance that they could be looking at your tasks that makes it sure that you complete them.

By doing this, you automatically document what tasks you finish. If you notice that you are performing useless tasks – like updating your twitter background, or spell-checking your blog, or installing a new WordPress theme, then you can tell that you need to focus on things that get you more sales and subscribers. Document your tasks so you know what things you should stop repeating, and what new tasks you should start doing.

It is not enough to just start some new tasks, you need to finish what you start. That means if you start on a new report, then finish it. Even if it is half done, just take what you have already and put it out on the market as is. Don’t make your projects too big, and don’t promise too much in your sales letters if you know you can’t deliver. Make a simple product, price it at a low price, and as you add to it – as you increase what is in that product, then you can increase the price.

You don’t have to promise lots of things to your blog readers or subscribers. If you want to do something nice for them, just make it a pleasant surprise.

That is how you can get more out of every single day. Have an accountability partner, document your tasks, and finish everything you start.

Episode 027 – How to Spread Your Message Around the Globe Using Steve Lubetkin’s Podcasting Ideas

In Episode 027, Jack has invited Steve Lubetkin. the co-author of "The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional", to share how he started his podcasting business and now a podcast producer to assist his corporate clients to produce podcasts and videos to spread their corporate messages to reach out to more audiences globally. 

Who is Steve Lubetkin?
Steve is an award-winning multimedia journalist and veteran PR counsellor. He is currently back in daily journalism where he serves as the New Jersey and Pennsylvania editor for Globe Street dot com, a commercial real estate news website, and national broadcast correspondent for CEO Report dot com. He also produces news content for NJSpotlight dot com.

He is Accredited in Public Relations and a member of the Public Relations Society of America’s prestigious College of Fellows. He served for three years on the PRSA national board of directors.

But he has also been on the cutting edge in using technology for communications and marketing for a very, very, long time. In fact, he was the first music writer to use a portable computer to cover a rock concert – it was a Grateful Dead concert in Englishtown, New Jersey -- in 1977. Steve has included an email address on his business card since 1988.

For almost 13 years, he has been managing partner of The Lubetkin Media Companies. The firm is best-known for producing award-winning audio and video podcasts, corporate photojournalism, and other multimedia content.

Baby Boomers are not tech dummies.  They have a lot to offer ...

"You can't make generalisations about us. We are tech savvy. We also have some other experience that can come in handy when people are trying to communicate effectively and don't want to make mistakes.  It's helpful to have people who not only understand the technology but also understand what could go wrong if you don't phrase things properly, if you don't do things the right way in a business sense.  So we think we have a lot to offer and still you know, and doing it from a consulting perspective rather than as a staff / employee in a corporate setting has been a very rewarding kind of experience for me."

Business Lesson 1 - Why Podcasting?

"With podcasting, you can produce what is essentially a radio show and it can take many different forms and you can broadcast it to a literally global audience by simply posting it to the Internet and distributing it through some of the podcasting channels. That's extremely valuable for people who want to reach potential clients in a global context. So it's just a wonderful way to extend the reach of your message, whether it's a marketing message or a thought leadership message, whatever you want to convey."

Business Lesson 2: Not invest too much money in fancy equipment before you need it!

"People tend to go into, and this is true of almost any business, they'll go into the business and they'll buy the latest and greatest technology for that particular industry before they have the sales to support it."

Business Lesson 3: Understand what your clients want

"It's very important that you are aligned with the client's needs. You know doing podcasts for their own sake is not what most companies are about. If they do a podcast or a video, it has to have some impact on moving the needle on people's behaviour with regard to the products and services that company sells, and so you always have to keep that in the back of your mind how is this going to help them produce it in a way that it's valuable to their perspective clients and helps them move the needle on selling product."

Steve's Favourite Quote
" People will go out of their way to avoid telling you "no," so make sure you give them the services that will make them say "yes.""

Want to know more about Steve and his Book "The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional"? 
Facebook: ​http://www.facebook.com/podcaststeve
Twitter: https://twitter.com/PodcastSteve
LinkedIn: ​http://www.linkedin.com/in/lubetkin
Email: ​steve@thebusinessofpodcasting.com
Website: ​http://www.thebusinessofpodcasting.com and ​http://www.beingthemedia.com
Want to check out Steve's book co-authored with Donna Papacosta? Click here -> http://thebusinessofpodcasting.com/

You can download the Show Notes here: 

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Use Accounts Down Timer To Get More Done And Become More Productive Instantly

Here are three simple ingredients to get at least triple the amount of work done as you are getting now. Use Parkinson’s Law, Time Boxing, and Train your brain for urgency.

Parkinson’s Law is pretty simple, it says that if you have a certain amount of time blocked out for a task – that task will balloon up to the amount of time you have set aside for it. That means that if you give yourself 8-hours to set up a website, it is going to take you 8-hours to do it. But it you give yourself one hour to do it, then you will find a way to set up some kind of website – maybe not the perfect website, but something after one hour.

Shorter, smaller tasks makes sure you get more done than big, long, bulky tasks. That is why you have to have some clear small tasks, instead of big to-do items and time yourself doing it. This is called Time Boxing. That means if you say it will take you one hour to set up a website, then hold yourself to it. Create a countdown timer, use a tool like tool-timer, use your phone, or use your kitchen timer to countdown the seconds of that one hour to make sure that you have something online.

Think about that, if you were setting up a simply web page and you had 8-hours to do it and you were 58 minutes in, you wouldn’t care if there was a bunch of incomplete stuff on the page, would you, It would be fine if the header looked crappy, if the design was bad. But if you only had an hour and you were 58 minutes in, and you only had two minutes left to finish. You would do whatever you could to make it passable, to make it look good enough so you could come back later and make the changes you need to make.

In the worst case, if just left that ugly web page alone – it would still serve its purpose.

What is interesting about timing your tasks and having a countdown timer is that you begin to train yourself to do things quickly. If you stick to the countdown timer, and you only give yourself an hour to set up a web page or ten minutes to write an article, you get used to that buzzer going off and you get up from the computer and you completely stop. You will find yourself starting to rush when the countdown timer approaches zero. You will figure out ways to type faster, read faster, think faster and just get your tasks finished and good enough before that timer runs out, becuase you are focusing not on what people will think of you or how good or bad something is, but can I have something finished before that clock reaches zero.

Celebration Sunday – You Deserve More, Don’t You?

You will notice that this edition of Celebration Sunday was only prepared on Monday morning, 23 April 2018.  The reason is that I was involved in some change work in Johor Bahru, Malaysia over the last weekend. 

And what happened over the weekend is that people in this event were able to gain further insight about their purpose of life, their mission and their vision, and how they can make a difference to other people in their circle.  It sounds good, doesn't it? 

Well, let's take this discussion deeper.  How many of you are overwhelmed with lots of stuff on your plate?  How many of you are juggling with assignments, projects and other matters every single day?  How many of you cannot breathe normally because you seem to be playing a catch up?  From my experience, when one is so busy with his/her life, and given the fact that we all have only 24 hours a day, I wonder whether one ever spends anytime working on him/herself to uncover self-worthiness.  

The traditional school education has produced continuously an army of slaves who are experts in following instructions.  And this is why when these people enter into the job market, their values are dictated by how much their bosses pay them.  Having been doing change work for more than 10 years, I realise that there is still a substantial group of people who have self-doubt and lack of confidence or self-esteem.  So, what's the problem?  Well, how many of you notice that you cannot earn what you want to earn until you decide to raise your price.  And the truth is that in order to raise your price, you have to add even more values to other people's lives.  But when you don't see yourself worth that much, this is why you cannot make the money you deserve to have.  Does this make sense?

I did an episode in my podcast show last year (Episode 10) where I discussed how one can raise the price of his products or services using a very simple method.

Click here to listen to this episode:http://crackingentrepreneurcodebook.com/episode-010-can-raise-price-products-services/

You may gain some insights how you can deserve more.  As my mentor, Mack Newton, says, our results can never exceed our self-concepts.  So if you want to earn more, you have to increase your self-worth.  

I am passionate about helping more coaches and consultants to discover their self-worthiness and become successful and highly-paid coaches and consultants.  So, here is what I am pleased to share with you that I am in the process of working on a new podcast show (I have yet to finalise the title to the show) who are dedicated to helping coaches and consultants to do more, have more premium clients, sell and close more premium services etc.  When it's the right time, i will make further announcement on this.  I know "speed of implementation" is important.  Yet, I want to have sometime to consolidate my thoughts on the first 10 episodes of this new podcast show.  It's how I started my Cracking the Entrepreneur Code Podcast show anyway in 2017.  

Have fun this week and I will see you next week in another edition of my Celebration Sunday.

PS :Click here to access my 5 Superstar Sales Secrets
https://getyoumoreclients.com

PPS: Click here to access my 5 Business Prosperity Secrets
https://getbusinessbreakthrough.com/

How Much Traffic Do You Need To Make A Decent Amount Of Money Online

When you look at terms such as conversion rates or click through rate, it’s really tough to see what a hundred clicks really means. And, that is why you need to measure your statistics and figure out what your sales letter converts at, and what your opt-in converts at.

When your sales letter converts at a certain percentage, that means that the percentage that comes to your sales letter buys. If you have a 2% conversion rate, for every 100 sales letter visitors, two of them buy. If you have an opt-in page in front of your sales letter and it converts at 50%. That means that’s if two people show up, one of them signs up. And, now you can have fun and figure out how much money 100 visitors or 1,000 visitors will get you if you know all your numbers.

Let’s say that you had a thousand visitors, you are sending them to a 50% converting opt-in page, at 2% converting sales letter for a product that you sold for $100 dollars. How much money would that be, If you sent 1,000 visitors to a 50% converting opt-in page, this would be 500 prospects or subscribers looking at your sales letter. And, if over the lifetime of that sales letter if people look at it right away or come back from follow-ups, 2% of them buy. Two percent of 500 people buy. That means you have 10 buyers.

If you have ten buyers at $100 dollars, that means you now can expect to get $1,000 dollars from 1,000 visitors or in other words, one dollar per click. And, what that means is that if you are paying for traffic, you could pay fifty cents per click and double your money. If you are paying people for opt-ins, you can pay fifty cents for every opt-in subscriber. It’s very important to figure out these numbers because not all traffic is equal. Different people have different list sizes, those subscribers might have different relationship with the list owner, and even them subscribers might be trained for a certain price.

That means that you might be used to a 2% converting sales letter from your own traffic but if somebody mails for your offer and their subscribers are only used to paying $10 dollars, it might not convert at all and you’ll not have the same type of buyers from your list as from someone else’s list. But it does give you a good estimate, especially if you have new subscribers to tell if this new batch is as responsive as your existing subscribers. If you get opt-ins from a particular message board, are those ones really clicking and buying, And, if not you need to retrain those brand new email subscribers.

Episode 026 – How To Overcome Fear of Multiple Failures in Your Business

Imagine you have experienced multiple failures in your business and yet you are still in this entrepreneurship journey because you have a strong mission and a strong vision.  

In Episode 026, Jack has invited Ira Pastor, the CEO of Bioquark Inc. and he would be sharing with you how he started his entrepreneurship journey from a young age, and chose to leave the comfort of a multi-billion dollar industry and started Bioquark just because he loves "risks".  He will also share two personal stories about how to overcome the fear of multiple failures in his career because of his right mindset supported by his mission and vision. 

Why did Ira join the Biopharma industry?

"I saw [my parents] taken from me by cancer and lung disease and heart disease and things of this nature and growing up in an industry that is supposed to take care of sickness. I was very dismayed by the fact that the pharmaceutical industry was incapable of curing them at the end of the day and helping them and keeping them away from the grasp of death. I'm not only sort of the desire to do something different, but at the same time something real in my face. And I believe that the balance a bit between the amount of risk or willing to accept and move forward with."

Consider the external environment in your industry

'Even if you are successful in developing that new miracle cure for cancer or heart disease, you still have a whole area of so called regulatory risk. That regulatory agency may just send you back for a couple years to do XYZ and hence you need another hundred million dollars to do so forth and so on.  And I've been in that position before. And you can't say no."

Accepting that failure can come anytime

I went through M&A events in the past and even I've experienced the eleventh hour negotiations, everything's ready to sign, but then for some reason you're agreeing to a $20m buyout, but all of a sudden somebody thinks in the very last hour that your company is only worth $16m. Why does that happen? I laugh at it in the sense that I guess it's all part of the power game that a larger organization likes to play. And you know you can't walk away from the table at the eleventh hour and you have to smile."

Passion can be found by connecting your dots in the past

"My passion when I was five was comic books and superheroes wanting to see the future develop science fiction. Though I think of those things as childish,  I still sit with my children and I watched the future unfold in fiction and I read comic books with them and I take them to the movies. Why? Because whether it's today or whether it was 40 years ago when I was a toddler, I loved how the future and not just the current future but in the distant future could be created with a little science, technology and innovative foot. So maybe today you're worried about paying the bills and you have this problem here and you're taking care of her mother and you don't.  Maybe you're clouded by your thinking. But underneath that, cloud is still your history. It is still that everything you grew, desiring what made you happy when you were younger. And I think if you dig into that, I think you can become aware and reawaken some of that potential and you might find, hey, that you loved cooking when you were younger or you loved, you know, construction and here you are sitting in that finance office in wherever making a lot of money, but it's not what you really, really wanted. And so I say, go to the past, look to the past and remember who you were, who you are still inside, and try to dig up those nuggets of possibility."


Want to know more about Ira Pastor and Bioquark Inc.? 
Facebook: https://www.facebook.com/ira.pastor.7
Twitter: https://twitter.com/irat1onal
LinkedIn: ​https://www.linkedin.com/in/iraspastor
Email: ​pastor@bioquark.com
Website: ​http://www.bioquark.com/

You can download the Show Notes here: 

Did you like what you heard?

If you liked this podcast, please leave a review on iTunes!  Click here to discover the iTunes page.

Did you know that Cracking the Entrepreneur Code Podcast Show is on Apple's Podcast app?

  1. Launch Apple's Podcasts app.
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  3. Enter "Cracking the Entrepreneur Code".
  4. Tap the blue Search key at the bottom right.
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Celebration Sunday – Trust or Not Trust Other People

This week, I would like to talk about two incidents and share with you the lesson on “trust” in business.

First Incident:  Your Instagram Strategy Is Not Working.  Let Me Tell You How to Fix It!

First, there is a female coach who approached me on my Facebook Private Message and her pain is that her offer for her service is low and she wondered how she could raise her value and price.   When I asked what services she offered.  She said she helped her clients to generate leads on average 200 per day.  That sounds impressive to me but I asked her how she got her clients.  She said the moment she connected with someone on her Instagram, she would immediately send a “DM”

“ … Your follower growth rate could be a lot better.  I just went to your page and noticed that you are using methods that do not work. The methods I use, get me 200 followers a day.  I will help you, by listing out the wrong method you use …”

Second Incident:  I Help Consultants To Generate Leads By Designing a Launching Website But I Need Referral From Other People

Second, there is a gentleman who approached me on my Facebook Private Message after I added him a few days ago.  The first thing that caught my attention is that we do not have any mutual friends.  However, after doing my due diligence, I think this is not a scam and thus, I accepted his friend request.  Then today, I got a PM from him and in essence, he asked if I could help him by referring someone who is coaches and consultants so that he can help in designing their launching website to get leads and clients.  So, I asked him how he got his leads right now and whether he got any results.  His only response he is currently getting leads by asking for referrals and he offered to check my website and identify any problems with it so that he can give me some free tips on to fix it.  Take note that he did not answer my second question regarding what results he got from his clients so far.

Why am I sharing these two incidents with you?

So, why am I sharing these two incidents?  Well, these two incidents have one common thing, i.e. lack of trust.  Both consultants are literally saying that they are experts so that what you have been doing is wrong and not effective.

In the world of B.A.N.K., probably these two consultants are “Action” and not “Blueprint”.  That’s quite obvious to me from my experience using B.A.N.K. for over 6 years.  For the first consultant, she was very direct and upfront by telling her new followers they were wrong.  However, what she did not do is to warm the followers who are considered cold traffic and she did not add any value first but went ahead to tell them they were wrong.  It is perhaps why she’s struggling with her service offered right now.

In the second case, the consultant did not show me any results.  For customers who are primarily Blueprint, they need to see results as social proof.  So by avoiding the question concerning results, this consultant would not be able to close any customers who are primarily Blueprint.

Imagine these consultants know BANKCODE …

It’s amazing and yet disappointing to see that there are still consultants out there who are struggling but if they take time to learn how to prospect properly, I bet they would be more successful right now.  Anyway, I thought that building trust first is important.  Of course, in B.A.N.K., we say there are four ways of building trust:

Blueprint ->  Building trust with social proof

Action -> Building trust with the person offering the service

Nurturing -> Building trust by working together

Knowledge -> Building trust by demonstrating that the person offering the service is the only logical choice
So, how do you build your trust with your prospect?  Are you struggling with prospecting different types of people?

My Gift To You

My gift to you is to take this B.A.N.K. assessment first -> http://mybankcode.com/jackwong and understand why it’s been easy and sometimes no-brainer for you to close the deal with a particular group of prospects and at the same time, it’s been difficult to close the deal with other groups of prospects.

Have a great weekend everyone!

PS : Click here to access my 5 Superstar Sales Secrets
https://getyoumoreclients.com

PPS: Click here to access my 5 Business Prosperity Secrets
https://getbusinessbreakthrough.com/

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