12 principles of a wildly profitable business (part 2)

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• List - 12 principles of a wildly profitable business (part 2)

(in a 4 minute read)

I lied to you.

Last week I shared with you the first 6 of 12 principles that I learned in my new business community (below)

But I lied.

I just flat-out stole them because they were that good.

But I want you to succeed.

And this info will help you do just that.

So I had to share it.

So don’t tell anyone 🤫

These tips focus on the idea of developing an ‘oversubscribed’ business.

Where you don’t chase customers but customers chase you.

There were 12 principles.

Here are the remaining 6 principles below ↓

1. Small problem = small money

People don’t spend big money on small problems.

If your product/service is a solution to a small problem then this makes it much harder for you to make worthwhile money.

The challenge for you is to figure out how your product/service actually prevents a much bigger problem.

Bad example: You provide social media marketing to help companies build their brand

Good example: Customers are the lifeblood of a business and without them, the business dies. In a world of distractions capturing and keeping your customers’ attention is critical. Effective social media marketing does just that.

See the difference?

Here’s a famous poem which emphasises this.

If you don’t get a good quality nail (product) in your horseshoe you may lose an entire kingdom (BIG problem)

2. Customers are not proactive

Assume nobody will call you back.

Assume nobody will respond to your email.

Assume nobody will click the link in your social media post.

The key is to avoid asking for a big commitment.

Instead - Ask potential customers for small actions that take them along a journey that you’ve created.

Bad example: Offer to buy a car

Good examples: Offer to book a quick test drive, offer to speak to see free videos of the car in action, offer to speak to an advisor

Pro tip: Create a sales process that involves micro-commitments a potential customer can take.

3. Product ecosystem > product

A product ecosystem is what all successful companies have.

Example: Apple

• the iPhone alone is comparable to other smartphones

• the Mac alone is comparable to other laptops

But all of the products/services that Apple offer together create a powerful ecosystem so that wherever you are on your journey they can help you.

Here’s a template you can use for your business:

Gift 

An example is a lead magnet. Here’s how to create one ↓

Product for prospects 

This is something for people to get to know your business better.

An example is a newsletter ↓

Core offering 

This is your main paid product/service. Below is an example ↓

Ongoing subscription products

This is something that brings you recurring revenue once someone is already a customer.

For those that join Launch 30, we’ll be building the infrastructure of the business for them e.g. website, funnel, email marketing, content planner etc.

But then we’ll also be hosting it for them for a monthly fee (cheaper and easier)

→ Each of these products should lead the customer to the next product in the ecosystem.

4. Word of mouth is unbeatable

Most of us feel we have to spend big on marketing.

But there’s one marketing tool that is undefeated and is FREE!

Word of mouth.

Our job as entrepreneurs is to make our products and services worth talking about.

Think about how your business can become more socially shareable.

• newsletter?

• social media?

Example: Lots of restaurants and cafes have created an Instagramable decor. They incentivise the customers to take and post photos in the restaurant. Free marketing.

5. Create your own rules

→ Work how you want.

→ Work when you want.

→ Work on what you want.

→ Work with who you want.

These are all constraints, but good ones.

Don’t create a business and then operate like an employee.

Putting constraints in place can also work to your advantage.

Example:

You’re a coach and you put time constraints on when you’re available. With the right marketing, this can increase demand and with the right demand, this can push up your price.

Water is freely available so it’s cheap

Oil is not freely available so it’s expensive

6. Faster together, further together

Business is a team sport.

This doesn’t mean you need to hire lots of people.

But it does mean that as your business grows, your time becomes more valuable and the opportunity cost of doing everything yourself increases.

Outsourcing certain tasks becomes critical

There’s one big mindset shift you need to create a business rather than a hobby ↓↓

Paying experts for support is an investment that WILL make you money.

When the time is right.

→ Hire the coach

→ Hire the contractor

→ Hire the Virtual Assistant

Pro tip: The right time is always much sooner than you think

Spend 6 months of your time building something to an average level (Free)

Or pay an expert to do it in 1 month to a high level (Paid)

→ Choosing wrongly can cost you 5 months of lost earnings.

Who can afford that?!

Conclusion

Apply these principles if you want to build a flexible, fun, thriving business.

Next week I’ll share…

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That’s all from me.

See you next week.