In this episode:
01:09 – Do this if you want your business to grow
02:03 – Write it down
02:36 – A very common mistake
03:20 – Why aim for recurring income
03:33 – Are you selling to the right crowd?
04:18 – Where is there a demand?
04:38 – How to be financially secure
05:23 – How to make people stay
05:43 – Make this your stable foundation
06:06 – Is more better?
06:39 – Building that bridge
07:10 – Create or consume?
07:50 – Tips to stay on top of the game
08:43 – Bringing your goals closer
09:04 – Doing what’s right vs. doing things right
09:44 – Using mental shortcuts
10:13 – Asking the big questions
To succeed in the world of business, there are mindsets and principles that are important to adapt and understand. Here are some of the ideas that are working for successful business owners and that will be useful to the aspiring entrepreneur.
You can’t do everything by yourself. You’ll only limit your capacity to deliver. If you expect your business to grow, you’ll inevitably have to build a team and let them do the things you can’t or don’t want to do. Avoid the time traps of doing your own support or the manual tasks of content creation.
List down everything you do. With that list, you’ll be able to identify the things only you can do and that you can impart high value to. It will also be clearer what you can easily delegate to someone else.
Work on your business model. A lot of people are trying to sell things one at a time to the wrong customers and at the wrong price points. Adopt smart strategies like a recurring income model and seek to attract the right market.
Move into a market where there is already a demand. Find out what people are already buying and offer an option that is different, has value and stands out. This is an easier, lower friction way of accessing instant revenue.
Avoid being single point sensitive. You want to be paid by multiple people. This is what makes a business more secure than a job. If you can also access multiple markets in multiple currencies, all the better. Think of the Parthenon, with several pillars holding up the roof.
The recurring subscription model. There’s nothing more secure than having recurring payment coming from a multitude of people each month, and the model can be applied to a wide variety of industries.
Have a great product that gives results. People will stick around for a great product. If someone can get an obvious benefit for investing in themselves, they’re likely to stay subscribed.
More is not necessarily better. Offering a long list of deliverables can overwhelm a prospect, and is not as effective as a single product that works, or in the case of educational products, a simple action plan that gets results.
Think about the result you want. What do you want to achieve with your business? Where are you at? And be brutally honest: what do you need to change to bridge the two?
Create more, consume less. Do you watch 3 hours of TV in the evening, or sleep early and read up on business in the morning? Prune back your inbox and cut back on Facebook. Spend more time on activities that will benefit your business.
Maximize your energy reserves. Do your most powerful, most important tasks when you’re at the peak of your energy and can do quality work. Have a cutoff time for business activities and use tools like RescueTime to track where your hours go.
Have shorter deadlines. Annual goals can seem so far away that they’re hard to take seriously. An evaluation of your business every 12 weeks can yield better results and more progress.
Do the right things rather than doing things right. Focus on the things that really matter, don’t be perfectionistic about everything.
Use frameworks. Frameworks and templates can maximize your success by using a consistent process to deliver desired results.
Question everything. A questioning mind is not static, it can adapt to and even initiate change. And if you can master change, your business is going to make it.
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Comment on it: How many of these ideas are currently working in your business?
Resources mentioned in this episode:
Why The Recurring Subscription Model Is The Secret To Wealth
Willpower: Rediscovering Our Greatest Strength by Roy F. Baumeister and John Tierney
The Power Of Full Engagement by Tony Schwartz
The 12 Week Year by Brian P. Moran and Michael Lennington
RescueTime (time management app, tracks how you spend time on your computer)