(Why Not Take A Page From Your Local Bankers Extremely Successful Playbook?)
When you and I think about how banks/credit unions typically make their money. You/we immediately think the loans they approve, correct?
And while that’s definitely their primary form of income. It barely scratches the surface. When comes to them consistently creating and monetizing multiple streams of income.
They consistently generate spendable income from a variety of reliable sources. Shouldn’t you and I be doing the same?
Being Or Becoming Financially One Dimensional Can Potentially Stunt Your Businesses Growth!
Cases in point. And as aways. These examples hypothetical marketing examples. Are for illustration purposes only. And the really cool part about it is. It doesn’t matter what condition their local economy is in.
Their customers need to borrow large and small sums of money. Do they not? Be it long or short term. They make so much money in a variety of ways. This explains why they often more than willing to waive the monthly fee on a safety deposit box.
For anywhere 3- 18 months or more! 😀 Or waiver their customary $3 dollar fee for their money orders. For certain VIP customers. Who have at least $10K or deposited with them.
One simplest, straight forms of profit. Is the extremely profitable spread. Between borrowing from the super risk conscious general public. And paying 1-1.5% interest to borrow their customers extremely hard earned money.
Then reloan their same customers money. So they can buy cars, houses, investment properties. Or expensive boats purchases etc. Or to fund businesses. To remodel their homes and or investment properties etc.
And charge anywhere from 6-35% interest! On those outrageously expensive, high interest rate credit cards. Those personal loans, business and credit card loans. Account for a ton of their traditional profits.
Let Your Best Money Making Opportunities Feed Off Each Other!
But they consistently go even further. Their “Wealth Management” division. Receives various forms of compensation. For managing some of their clients investments.
Sometimes they advise them about their various forms of insurance coverage they may need. They also do pretty good. When it come ATM fees. Or Wire transfer fees. Early withdrawal fees. 😀
Overdraft fees! (That’s definitely a consistent income stream! 😎 The bottom line to it all. If they only relied only loaning money for various purposes.
When their local economy goes through any type of temporary or prolonged recession of any kind. And suddenly less locals can qualify to borrow money. They still benefit from creating multiple streams of income producing activities. Don’t you agree?
Entrepreneur It’s Definitely A Crime To Be Or Become Versatile!
P.S. Now as is customary during this part of our show. Please share your extremely valuable comments (in the comments section below) that you can apply to your business, product or service in the next 30 days or less!
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