The Golden Eye Concept .

This post is a continuation of Surviving . The Working Musician .

Btw , Just wanna wish you guys HAPPY CHINESE NEW YEAR !!

Since its CNY , i thought i wanna blog a little bit about Business .

I was consulting a small business during the end of last year , my client started their Music School since 07′. Here is a little bit of what i’ve share with them . It worked very well for them. (They gave me the permission to share this information on my blog)

So , Now you have multiple streams of incomes , whats next ?

Little ice from lowyat.net argued that the multiple streams of income concept , will affect the quality of your work . I agree , totally make sense. But here is a new way of looking at things..

What is it ?

For many people , its THE ILLUMINATI !! WOOOO SCARY .

The concept of Illuminati is , the top part of the pyramid is THEM . The highest status , the most powerful being , they are very very important . There are only a few that can be an Illuminati .  And yes , you got that right , the lowest part of the pyramid is us , the useless pawns who are large in number , never important . The mid level are probably religious leaders , government , banks , very very rich people . You get the idea.

For me , when i see that picture , i see a business concept . I call it , the GOLDEN EYE CONCEPT .

Multiple stream of incomes are like that , you have the very very big deal , fairly big deals and the small small deals .

First , identify the strength and weakness of each and every source of income . Divide them into 3 groups .

1.BLACK BIRD. The most frequent (daily or hourly) , The most predictable . The most STABLE . Lowest risk . LARGE in numbers and Quantity. But the less money . The daily activity that reflects the image of the business and the company .

2.GREY MAN . Fairly frequent (once a week) , Fairly predictable , Fairly Stable , Fair Quantity , Fair amount of risk , Fair money and Fair profit margin .

3.GOLDEN EYE .The less frequent (roughly once or twice a month) , Hardest , unpredictable , unstable , HIGH RISK , MOST MONEY .

I will give you an example , then you will know what i am talking about  .

Let us try ,

PETRONAS

Many thinks that the company is just an OIL company . No its not . Selling oil is just their corporate image . Petronas does alot of consulting , construction and investing as well . Those are their BIG GAMES .

1.BLACK BIRD . Would be selling Petrol at petrol station everyday . The drinks and snacks in MESRA also falls into this catogery . Selling oil reflects the identity and the image of PETRONAS. The BLACK BIRD is Stable , predictable , low profit margin and very general . (Ok , selling oil is already high profit margin , but for them that money is nothing )

2.GREY MAN. Consulting , Constructing Oil rigs , Processing Petroleum , Exporting High Quality Petrols , Networking , Affliates , Franchising , Transportation , Royalty .

3.GOLDEN EYE . Buying and selling smaller companies , Investment , FOREX , Currency , Shares . This is the part where they make the MOST money .

I want you to  think for a moment . How do you think big companies such as Air Asia , Carrefour never fail to report millions of profit every year . Is it by selling air tickets and daily products ONLY ? definitely no .

The Golden Eye concept is

FOCUS YOUR ENERGY ON THE GOLDEN EYE . Spend lesser time and effort on GREY MAN , Create a system for the BLACK BIRD that requires less or no effort .

If you focus too much energy on the BLACK BIRD , you won’t have enough time and energy for the GOLDEN EYE . People who focus too much on the BLACK BIRD will NEVER get out of the rat race .

Ok , let us apply it to MUSIC MASTER .

.

1.BLACK BIRD. Jamming Studio , Music School , Selling Used Guitars & accessories , Repair shop .

2.GREY MAN. Small events , Wholesale and Dealership , Band Performance .

3.GOLDEN EYE. BIG EVENTS , Consulting ,  Advertising .

Yeah , so you guys can roughly figure my job scope . And why are we able to sustain Music Master despite the tough competition and recession . I run the company by the Golden Eye Concept .

Once your GOLDEN EYE is ROCK SOLID . You can easily sustain BLACK BIRD and GREY MAN . Of course , the pyramid changes from time to time . When my own brand is up , it might be my GOLDEN EYE , Events & Performance might drop to BLACK BIRD . All Season to season , case to case basis .

What i like to do in my marketing , is to give away *Some BLACK BIRD for FREE , the ones that doesn’t cost me much .So that it will create attention and lead me to more GOLDEN EYE CLIENTS .

***Beware . I am not implying that you should TOTALLY Ignore Black Bird and Grey Man . Those two are the FOUNDATIONS of your business that makes you Stable .Those two are the ones that will pick you up when your GOLDEN EYE FAILS .

***Beware. If your GOLDEN EYE FAILS . Your BLACK BIRD AND GREY MAN will fall apart too . Always be alert and calculate the risk you are taking ,  can your BLACK BIRD and GREY MAN sustain the business if GOLDEN EYE FAILS ? How will it affect the business ? Is it worth it ?

So the question for my business is not ..“How many guitars you sold this month”

or

“What is your sales figure? What are your cost?”

The real question is , “How many projects do i get this month”

The more projects i get , the easier is it to sustain my business . Very simple concept .

You can try to apply it in your life ..

Find out what is important , and what works for you . Focus on it . Make priority .

Let me give you more examples how can you apply this in your life .

Student .

1.BLACK BIRD.Pocket money by dad (predictable and for sure)

2.GREY MAN.Give tuition to a student

3.GOLDEN EYE. Sales . Part time sell insurance or hand phone , for example . (Anything that gives high commission)

Working .

1.BLACK BIRD. Salary

2.GREY MAN. Part time job – Freelance web page design for example

3.GOLDEN EYE. Buy & Sell property , Investment , Side business . (Anything that gives high commission)

Bands

1.BLACK BIRD. Albums , T shirts and Merchandise, Small shows.

2.GREY MAN. Big shows, sessionist for hire

3.GOLDEN EYE. Commercial advertising , Endorsements , Royalty , Song Composition .

.

Get the idea ? After you have your multiple streams of income , PYRAMID it , GOLDEN CONCEPT IT. See which one brings the most money and focus on it .

The drawback of this concept is , when people ask you . What do you do for a living , you will have a hard time answering and explaining to them . Just like what i had during this CNY .

Next…click here .

Share on Facebook