Sales 101 with Joseph Rockey | Ep. 177

• Joe explains that sales is the reward at the end of the entrepreneurial tunnel. Without money coming in, businesses fail regardless of how hard you work.

It's hard enough being an entrepreneur... At the end of the day, if there's not enough money coming in the door, you don't have anything.

• Joe breaks down sales into three essential parts: getting people into your bakery (pipeline), having them give you money for donuts (closing), and giving them good donuts (delivery).

There is not a person on the planet who is capable of doing all three of those things, period, at least at an elite level.

• Work backwards from desired earnings. Determine realistic close rates and calculate commission accordingly. The key is making the opportunity attractive enough that top performers will join regardless of other factors.

You will make more money by paying someone a lot of money... In the beginning, you might be paying someone more than yourself. But in the long run, that will change dramatically.

• Look for mental toughness, resiliency, self-starting ability, and willingness to work on commission. Less than 10% of the population will work on 100% commission.

• Ability to handle rejection without imploding
• Self-governing and self-starting mindset
• Integrity and willingness to listen
• Personable nature to relate with others

• Price based on market rates, not your internal costs. Be the best at what you do, then charge accordingly. The market determines value, not your production costs.

Price, in my opinion, should never be viewed upon yourself. It's what is the market saying it should be.

• Build sales capability before building the product. The business that sells the most wins, not the one with the best product. Plan your sales funnel before signing leases or making investments.

Most people start a business because they have the back end. They have the product in mind. But unless you have the front end, it doesn't matter.