4 Key Ingredients for a Successful Business Model
I want to see you become successful in life and in business which is why I'm writing this blog about the four key ingredients for a successful business model in order to help you avoid the years of mistakes I made in the past.
I currently have five successful businesses operating and all profitable. My first advice, is stick to one and master it, then expand. However, since I learned backwards and I've found a way to hyperlink all my businesses together, it makes it more convenient for me. However, this method is not quite as easy to accomplish as it might sound.
Trust me, if there's anybody you want to be taking this advice from, it's me. I've failed. A LOT... That sounds bad, but because I've failed so many times, it's forced me to learn from my mistakes, which is why I'm where I'm at today, and my journey is not even close to over. I just wish I had a mentor to teach me everything from the get-go, so I would have so many hurdles to jump, but nothing in life is easy...
If anything matters, precision is key to elevating your success in life and business.
4 Key Ingredients to Successful Business Model
Low energy, low cost >> High profit, repeat customers/clients
Outsourcing minimal tasks that take up time
1) Low energy, Low cost >> Always focus on what it is that will allow you to get the job done at the finest level with the least amount of energy and cost otherwise you'll likely end up breaking even, ending up in the "red" or never quite hitting your full stride.
What you should be aiming for is items that cost you little to nothing and you can profit from at an "inflated" rate. In example, buying a comic book at a garage sell for $1 and reselling on Ebay for $15 would be a very profitable investment. Or if you're an actual business, purchasing from a wholesaler and reselling it on your e-commerce store or Amazon for 4x the cost would be low energy, low cost.
In order to keep this momentum up, you need to get repeat customers. So think of items that would be great to sell that people need over and over again, such as dental floss, tires or why protein. Items that people will use daily and "need" are the best items to invest in. With great customer service, it will keep them coming back for more.
2) Ever wonder how millionaires have the same amount of time in a day as you yet they make WAY more money? They maximize on their time and efforts spent.
Outsourcing your workload to virtual assistants or even real time assistants will save you insurmountable time consumed for tasks the average, everyday person can complete. Tasks such as "sending out emails, social media posting, or washing your car" are tasks that you could outsource to others to avoid doing and with that time, you could be focusing on your business or strategies and gaining ground much faster.
3) Putting your business and other tasks on "autopilot" will save you a TON of time! In example, pre-setting all your Social Media posts ahead of time at specified scheduled intervals will save you from physically having to log in and do it yourself later. Even having your bills paid every month on automation will save you the time from having to log in and physically do it yourself.
When you add up all the little bits of time spent (3 minutes here, 18 minutes there) it can add up to hours, weeks or months in a year that you could be spending on other things you're more passionate about, and by all means, ranking up your business faster! Every time you have to stop what you're doing and think about a different task, it slows down your momentum due to your brain taking the processing time to switch gears into another part of the thought process. The more seamless you can keep your daily routine, the higher chance you have at completing more tasks in a day.
Which leads me to the last ingredient for a successful business model:
4) Organization is KEY to maintaining consistency and growth in your business. What happens when taxes are due and you don't have all your documents ready? What happens if you're on a big project at the same time? What if you don't realize you hadn't saved up enough money to pay your taxes? Or any other organization scenario larger or smaller than this...
This could cause a major chain reaction and dismantle your whole infrastructure as quickly as a house built on quicksand. Keep your life and business simple, super-focus on one task at a time and complete it, then move on. Keep EVERYTHING organized at all times! This is vital to the success of your business (and life)!
Another suggestion is to use Google Docs or a calendar to map out your tasks on a scheduling system for a daily routine so you don't have to "think" about it, and your daily habit becomes natural. Pre-plan everything the night before so when you wake up, all you have to do is look at your task list and complete the objectives.