“So often people are working hard at the wrong thing. Working on the right thing is probably more important than working hard.”
—Caterina Fake, Flickr co-founder
Just got to Fiji a few hours back, at 5.30am. I don’t usually sleep well on flights, but I slept for a lot of the 11 hour flight from LA.
I’m actually on an island right now believe it or not… and I’ve been trying to purchase this island for over 1 year now. Finally, the deal is almost done – literally a few weeks out from settlement.
This is going to be the location of the next resort I develop, and in 2018 a lot of my more advanced training programs will be held here. Maybe you’ll be able to make it down.
Anyway, a few people have been asking me the obvious question; “where’d you find enough money to buy an island??!”
For one thing, I save. I don’t spend my money on frivolous things. For more than 5 years I’ve been managing my business very conservatively, only spending money on things I considered to be assets, which would bring me a return.
I recommend you do the same thing. It requires you make some sacrifices, but it’s better you sacrifice a few years of your life to set yourself up for the rest of your life financially.
But of course you can’t save your way to buying an island. You’ve also got to have an amazing cash-generating machine.
Here’s 2 things you should do to get one of your own:
1.) Focus on high ticket, higher margin programs. Yes, you can make a lot of money by selling vast quantities of lower priced products, but I think it’s much harder. I’d rather find a few high paying customers then 1000’s of people who spend just a few bucks.
Whether you realise it or not, there are people in your market who will happily pay 100X what your average customers pay you right now. You have to have the right value proposition
Back in March 2013 I hosted my first event here in Fiji. I had about 40 people in a room, and I got up on stage and sold my first ever $50k program. I did not expect to sell any. If I got one sale, I would have been happy.
At the end of my sales presentation I invited people to apply. 4 people did apply, and I sat down with each for about 30 minutes to make sure it was the right program for them. 3 of them moved forwards, and of those 2 paid in full and stuck with the program.
I saw for the first time that people would pay the higher prices if the value was there, and I also saw that by not having a high-ticket back end, I’d been leaving easily 25% of the potential revenue on the table.
(by the way, if you’re wondering what the program was, it was a 1 year coaching program where I’d talk to each client once a week for close to an hour, and it was also about 10k in traffic)
2.) You need a system for selling. Front-end products, and back-end products. That does not involve YOU.
This is critical! If you as the business owner are the biggest sales producer in your organization, you’re in trouble.
Now, it’s ok to be the top producer when you’re starting out. In fact it’s ok to be the only producer.
But once you’ve perfected your sales process, it’s time to bring in other people, train them on how to do what you do, then get out of the way.
I used to make the majority of my own sales back in 2009 – 2011, on the phone. Over time I got half-decent at it. My business finally got to a stage where I was consistently doing $25,000 months. But I had no time freedom. I was working 12+ hour days. And I was burning out.
So I recorded my sales conversations, built a library of those recordings where I was closing $2,000+ sales approximately 25% of the time, and I hired my first sales rep. They listened to my recordings, did a few calls, and made their first sale.
They never converted as well as me, but that was fine – even if they closed 70% as well as I did, I now had 100% of my time back!
Now I could focus on higher leverage activities, like feeding them and other sales professionals I hired more buyer-leads.
This is the same approach you need to take in your own business, whatever industry you’re in.
Find your optimum way of getting customers, perfect it yourself while you’re making the sales, and then remove yourself by hiring other people or with automation.
It’s easier said than done, especially because many of us entrepreneurs like to retain control, and we ‘know’ that no-one else can do as good a job as we can.
But unless you let go and change that mentality, you’ll never scale to higher revenue brackets.
The fancy name for all of this is your Customer Acquisition Process (CAP).
If you don’t have a CAP now, then you’re probably finding new customers like most smaller businesses do; in unpredictable, time-consuming ways that just aren’t scalable.
By being conservative in how I manage my business and wealth, I saved up enough money to be in a position to acquire this incredible asset.
I also got financing from a bank – not a huge %, but enough to give the 1st round of renovations I real kick start.
Social media is something I’ve never focussed on all that well, or dedicated a lot of time to. But I’m conducting an experiment with Instagram right now – over the past week I’ve added another 20% more followers and am starting to get a lot more
SELL, SELL, SELL! Why You Should Focus on Generating Cash!
If your business is in the early stages, it’s easy to spend most your time on learning new skills and training…
And yes, knowledge is important… But it doesn’t make you any CASH!
As a business owner, you should have a single mindset to ALWAYS be promoting your business — then SELL, SELL, SELL.
Because the only way you’ll get paid is if you’re in a constant state of promotion, and you can’t do that if you are spend too much time in learning acquisition mode.
In this free video, you’ll learn the importance of creating irresistible offers and sales funnels that bring more cash flow into your business.
Case Study: How Dominos Pizza Took Over the Market (And The Lesson For You)
When Dominos Pizza came along in a very competitive market, they needed a way to stand out…
So they came up with a guarantee: “Get your pizza delivered hot, in 30-minutes — or it’s free.”
The irresistible offer set them apart from Pizza Hut and every other company out there, and Dominos quickly took over an entire industry.
The best part is, you can do the same thing to transform your business.
What wealthy people do with their money
If you’re like most people, then after you finish school, it’s time to go and find a job.
You work hard, get a raise, spend more, and then work even harder for the next raise.
And most people just don’t realize they are giving away their most valuable asset — their TIME.
But wealthy people DO NOT trade their time for money…
They create or leverage systems that bring them in money.
Watch this video here if you’re ready to see how you can start creating your own wealth.