Know the price you have to pay when building a business.
In this week’s episode:
00:15 – Are you willing to pay the price for your business?
00:46 – Start making business decisions for next year
01:05 – Identify which business needs to be kept, grown or exited
01:53 – Differentiating your business is a good growth strategy
02:05 – Market end to end integration
02:30 – Pickup business by being the cheapest
02:47 – Build authority by posting regular news
03:37 – The Short Video Pack will help your business get authority
James Schramko here with a business news update.
In this episode we are going to be talking about paying the price, differentiation, and building authority.
Paying the price
This week, one of our members in SilverCircle was talking about paying the price and it was a great point. The idea is, when you decide you’re going to build your business there are certain things you are going to have to commit to, to get the result you want and it’s a good idea to decide if you really are prepared to pay the price that will take to get it.
It’s not going to be easy all the time, there’s going to be some battles, challenges or struggles, and it may also put some strain on finances or relationships, so make sure that you are absolutely happy to pay the price because to get what you want to get, there may be some things that you have to do to get it.
Make those decisions for the next year right now
Coming up to the end of the year, this is the perfect time to make some decisions around your business. As entrepreneurs, quite often we tend to expand to multiple areas for our business, and it’s a good time to put them up on our whiteboard and make some decisions.
The first classification that I make is, which parts of my business I want to grow, which parts of my business are going to hold or sustain, and which parts of my business I am going to exit or get rid of, and this is a great way to keep focus.
Probably you want to get rid of some parts of your business, it might be the ones that are maturing or the market segment is getting saturated or you just don’t enjoy anymore, or perhaps you have a great offer on the table.
The parts of the business that you want to sustain will be the ones that are still making you profit and that take very little energy to run and worth having in the background. The ones you want to grow are where the big opportunities are, where customers are asking for more stuff, where you can see that it’s an obvious extension to go to the next stage.
Differentiate for a growth strategy
I’m going to talk about some growth strategies now. An obvious growth strategy is to differentiate, to get into the market, to differentiate from everyone else, provide something that nobody else is providing, and to make it your obvious clear choice in the marketplace.
Market end to end integration
Another way to take your business is to take the end to end approach where you just take more segments of the market. Recently, I eliminated my affiliate program and that’s just a simple case of me going right to the end of the market and saying “well I’m happy to promote and sell my own products and services”, and I can do a better job than any of my affiliates. That makes it easier for me to allocate marketing budget to my own programs.
Be the cheapest in the market
The third one is to be the cheapest in the market. I don’t really advise this one. It’s not my favorite one. There are very few people who can pull this one off unless you’re Wallmart or Amazon, but in some cases you may be the cheapest supplier, and in that case you will automatically pick up business just on price alone.
Building authority with regular news posts
On building authority in the marketplace, do what I’m doing with SuperFastBusiness.com. Put out regular news, you can see that the news, the subscribers, and the channel email marketing approach is really working for my business.
It’s working so well that SilverCircle now has a huge waiting list and when it opens again, there will be a price increase, and that is simply because the demand has come up. It is because people get to find out about my products and services before they buy, they get to see the stuff I’m giving away for free, and of course the member that I’m working with one-on-one are getting tremendous results in their business, and it’s really empowering them to take their business to the next level.
This authority marketing machine is what you want to set-up. Now, I accept that it’s a little complicated and a little bit expensive to put together your own team, so I’ve made my team available for you. Go along to Short Video Pack and avail yourself of the weekly subscription service, and in no time your business will absolutely be powering with its own authority because my team is going to work with you and build up your authority.
I hope you have enjoyed these tips. I’ll catch up with you next week.
Please comment below.