“BizX seems cool, but I’m really not really sure I understand it” We’ve heard this before.
A great friend once told me “BizX is as simple, or as complex, as you want to make it.” I’m inclined to agree. So consider this the first in a series of BizX Education blogs that will simplify how BizX works, and why thousands of businesses of all shapes, sizes and categories rely on this network to earn new customers and increase their cash flow.
What is BizX? Let’s start here.
BizX is a community of thousands of business owners who support one another and most importantly, are able to buy and sell amongst each other without spending cash. Instead, they use their very own community currency, BizX dollars. The benefits are simple: they each earn new customers that they wouldn’t have had, and get to buy things they need without spending their hard-earned cash.
Is your business at 100% capacity?
Said another way, if 5 new customers came through your doors today, would you turn them away? For most of you (roughly 99.99%) the answer would be obvious: of course not! Most US businesses operate at roughly 80% of their capacity, meaning 20% of what they have available to sell goes to waste. Fun Fact: this amounts to over $2 Trillion worth amongst small businesses alone! These are empty tables at a restaurant, unsold ad-space in a magazine, unsold gym memberships, unbooked hours of a general contractor, lawyer, or CPA, etc. In the BizX community, members buy and sell their EXTRA CAPACITY amongst each other – this means new customers to each member.
How do BizX members earn new customers?
Simply because they are willing to accept BizX dollars as payment from other members of the BizX community. Think about it like this: if you had US dollars and BizX dollars, which would you choose to spend first? I would rather spend my BizX dollars, and keep my cash, and I bet you would too.
BizX members have two currencies to spend. US dollars - which are the result of all of their marketing, sales, word of mouth, and promotional efforts – and BizX dollars. Because they are motivated to spend their BizX dollars first, they will always patronize other BizX members over non-members. So when a new Italian restaurant joins BizX – agreeing to accept BizX dollars from other members – they earn new customers, who found them in the BizX network, to come and fill their empty tables. Each day this restaurant serves these new customers, other business owners in the BizX network, their new BizX account grows, and they spend it right back in the network with other members on things they need. Keeping their cash right where it belongs: in the bank.
Where do BizX members spend their BizX?
With any other member in the network! Today, there are about 5,000 of them up and down the west coast. Everything from advertising to travel, printing to graphic design, dining out to website work, legal services, tax prep, professional sporting events and everything in between.
Many of the members in the BizX network do business in person – like restaurants or auto-mechanics – which means spending with these businesses requires physically being in the local BizX community – BizX San Diego, Washington, or Bay Area, for example. But the majority of the offerings in the BizX community can be purchased from anywhere – like printing services, wine from Napa Valley, or art from a Seattle gallery. Which opens up huge opportunity to put your BizX to good use in either off-setting hard cash costs, or taking on new projects that otherwise would be hard to rationalize.
Many BizX members even use their BizX to bonus their employees with a program called Perks by BizX!
The bottom line: BizX members know that a BizX dollar spent is a US dollar saved.
What is the result of all of this?
Back to the basics – BizX is a community of businesses all buying and selling their extra capacity from one another with their community currency, BizX dollars. This represents new customers and incremental revenue that replaces otherwise un-used capacity, and supplements their existing US dollar revenue.
With this new revenue, BizX members are able to buy things they need from other members, either eliminating existing cash costs, or taking on new expenses that otherwise would be difficult to pull off with their existing cash revenue alone.
Put simply, BizX members earn new customers & better cash flow.
What if I can’t spend my BizX?
BizX is a B2B network with members in almost every industry category, so if you have expenses or a wish list that even vaguely resembles that of other businesses like yours, chances are you won’t have difficulty spending.
But we’ve put our money where our mouth is.
BizX is free to join, and there are no monthly or annual fees. We only earn revenue when your business improves in two key ways. When you earn new customers through the network, we earn a 7.5% cash commission on this new revenue that you collect. And when you save your cash, and spend your BizX on things you need and want, we earn 7.5% cash.
That’s it. So if you can’t spend your BizX, we don’t get paid. Could your business survive on only half of your revenue? Ours either.
In a more detailed explanation: Let’s use that example of the Italian restaurant. Another BizX member finds that restaurant in the network, and decides to go for lunch, because it’s well reviewed and he can spend his BizX. That member fills a table that otherwise would have gone empty, and the restaurant earns 100 BizX and a new customer. For this service, the restaurant owner pays BizX $7.50. And when that restaurant owner needs to get their awning repaired the following month, they find a provider in the BizX network, and are able to use that 100 BizX for the repairs instead of writing a check. The restaurant pays BizX $7.50. So on $200 worth of incremental selling and buying, BizX earns $15.
Icing on the cake - we’ll let you spend FIRST.
We’re so confident in the power of the BizX community and the BizX dollar that we take the question of “what if I can’t spend” out of the equation entirely. BizX members are able to spend FIRST, then earn, through a cool product called the BizX Line of Credit, which is essentially an advance on future sales. Here’s how it works.
You apply for a BizX dollar Line of Credit, and get approved at a certain amount (we don’t run a credit check, and your credit is totally untouched). Once active, you have the ability to begin spending BizX in the network. You will fuel this spending later, with future sales from new customers that you earn through the BizX community.
At BizX, it’s all about the members.
BizX is not a simply a company – it’s a community. A community of people just like you. Savvy local business owners thriving in an ever-changing world, with the recognition that we’re stronger together than we are individually.
This is why we exist. To improve the lives and businesses of our members by bringing them together, and enabling them through their own community currency.
New Customers. Better Cash Flow.