Invention and wealth creation made powerfully simple
The story of Sandy Stein and how she became a millionaire is a pretty powerful when it comes to wealth creation and finding ways to make extra money. For me it is powerful for two reasons. The first is the utter simplicity of Sandy’s invention, and the second is Sandy’s age of 52 when she first came up with her million dollar idea.
Let’s talk about her age first. If you are looking for ways to make money then it is easy to self-sabotage and think that you are too young, or too old, or not smart enough or whatever negative idea you let settle in your mind. We see examples all around us that you can create wealth and become rich at virtually any age.
I still believe that invention is one of the most powerful ways the ordinary person can launch themselves from an average income to a multi-millionaire lifestyle. Sandy Stein shows us just how basic and simple your invention can be, yet still be successful in the marketplace and create wealth. Simply put, Sandy Stein gives us a road map on how to become rich. She also shows us how to make money fast since she took her company from launch date to $1 Million in sales in only four months.
Sandy Stein’s Money Making Idea
By 2004 Sandy had already worked for over 30 years in the airline industry as a stewardess. But the airline industry was still suffering negative effects from 9/11 and Sandy believed that her job was in jeopardy. Coincidentally, her husband was facing a layoff from his job as a consultant in the souvenir gift industry. Sandy had always sold stuff on the side to supplement her income, so it was a natural transition for her to develop her own product. Sandy knew she had to do something to start making extra money, and a lot of it.
The next part of Sandy’s story is extraordinary indeed. Sandy will tell you that she got the idea for her invention, Finders Key Purse, from a dream. Specifically she went to bed one night and prayed to her dad in heaven and asked him to give her guidance. When she woke up the following morning she had the exact design of her invention, a new type of key chain, to include the exact measurements. Perhaps you could chalk this up to her sub-conscious mind working on her idea while she slept. But who are we to doubt her story when she has the proof- a multi-million dollar wealth creation business. Either way, I think this is incredible evidence of the power of the sub-conscious mind to help you succeed if you want it bad enough.
So what problem did Sandy’s invention solve? It would solve the problem of women having to dig around in the bottom of their purse to try to find their keys. Her invention is little more than a decorative key chain that hooks over the side of a lady’s purse, and prevents the keys from falling to the bottom. At the same time it adds a little “bedazzle” to the outside of the purse. Finders Key Purse or FKPs as they are known, is short for “find your keys in your purse.”
For anyone out there looking for the best way to make money, or how to become rich, this story should indeed give you an espresso shot of hope for your financial future!
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Launching her million-dollar company- Best way to make money
In launching her company Sandy and her husband did have the benefit of his 25 years of experience working in the gift industry and working with manufacturers in China. Sandy had already fashioned a small piece of metal into a rough prototype, but with her husband’s help she soon held in her hands a finished-ready for market prototype. Seeing her vision in the palm of her hand gave Sandy another huge boost of confidence that her idea was profitable, and that she would succeed.
But Sandy did have some naysayers who unwittingly tried to steal her dream of building a profitable company base on her idea. A family friend, himself a multi-millionaire in the gift industry, advised her that it would be too difficult to build a successful company around a single product. That she would be better off selling her idea to a company and letting them develop it. At one point she was even offered $50,000 for her idea.
Instead of letting this expert create doubt in her business plan, Sandy became more embolden to succeed. Sandy was correct and the expert was wrong.
It took just over six months to get FKPs on the market, and only another 4 months to hit $1 Million in sales. By December 2005, one full year after opening their doors Alexx Inc. had sold one million key chains. Sandy explains that the company is named for both her son and her father.
Sandy’s initial product order was for 300,000 units. It was a huge risk and she knew that failure was a possibility, but she remained confident in her idea and product. She was also lucky enough to find an older building, with a low cost monthly lease in which to base her warehousing and shipping operation.
As far as employees, Sandy only hired the bare minimum that she needed to get the company off the ground. She hired her nanny to be a shipper, and hired another friend as a part-time book keeper and one more friend to help with product development. She put her husband in charge of ordering product, and she took on all other responsibilities.
Sandra’s sales plan was almost as simple as her invention. She assembled a team of lady’s who would be her sales team on a part time or full time basis, whichever they preferred. They were essentially sub-contractors whose income was based on how much product they moved. Alexx Inc. only sells through their salespeople who are allowed to sell on the internet, retail and or wholesale. They have sales people who make everywhere from $50 a month to $10,000 a month. Most of their marketing is simply word of mouth. Sandy believes there is not greater way to market something then having a great product and getting a lot of women to talk about it.
Alexx Inc. today a multi-million dollar company
Today the company offers a number of products including the Mini Glam Pen, and the Chic Sac®. They have sold over 8 million FKPs and have over 12,000 business customers in the U.S., Australia, Canada, Middle East, & New Zealand
In 2010 Alexx Inc. was project to earn $6.5 million.
Ways to make money- talking points: Millionaire Tips from Sandy Stein.
Women are extremely intuitive- you gut feeling is rarely wrong. If you know you are right about your product, go for it and don’t take no for an answer.
You have to believe in yourself and your product 200%. You have to have an attitude that says “No matter what, I’m doing it even if others say you can’t. Find a way”
Lastly, Get a good patent attorney; Be careful of the rip-offs.
“Listen to what the experts say you can’t do then do it” Author unknown