Ep 47: Want Predictable Success in Business This Year? Here’s the Secret (P.S. It’s Not What You Think…)

Uplevel: Make Money with Airbnb, Short-Term Rentals, Real Estate Investing, Passive Income Strategies

As I referenced last time, business has most likely taken a permanent shift to online dominance.

And again as I mentioned, this is not a bad thing.

Business simplified: getting your offer in front of buyers.

Successful business: getting your offer in front of buyers consistently

A great concept by Myron Golden: Wealth is built when we can collapse time.

What does that mean?

He explained it this way: Say Susie makes $1M, would she be wealthy? What do you think? Depends. If she makes that Million over 40 years, that means she made $25k a year. Would knowing that change your answer?

Now, if Susie made that $1M in 40 weeks, would she be wealthy?

Most people would say yes.

Creating a profitable business and building wealth right now and moving forward will be closely tied to this concept.

The only difference between the two scenarios is that time collapsed.

Now, let’s talk about your business…

How can you collapse time to hopefully build a profitable, scalable, and successful business?

Get in front of more buyers, faster.

And I’m sure you’re not surprised that I’m going to mention webinars again. They are simply leveraged sales tools, or simply a sales conversation one to many…

And a great way to collapse time.

Great, how do I do that, Ginny? Do I need to spend a ton of money advertising on FB?

It’s your business and you’re an adult… you can do whatever you want.

But I don’t recommend this to my clients. I have done this for some clients in the past but I typically don’t see the numbers net out in their favor. Here’s why…

Let’s just take a look at some numbers:

On average, people say it costs $10 in FB ads to get someone registered for a webinar.

About 10% attend, these are cold registrants. So, your cost per attendee is $100

Let’s say 10% buy, again we're talking about a cold audience. That one buyer costs you $1000. If you’re offering something for $997 you just lost $3 for your efforts.

Awesome, Ginny! Thanks for sharing about webinars that just end up costing people money…

Obviously, this is just one way people attempt to fill their webinar and why I think so many people give up. The shiny idea that half of the planet can be reached by an ad is pretty enticing. But I hope to make that case that there are better ways in 2020 and beyond to be smarter and savvier businesspeople.

And, of course, this is just the front end offer but I don’t like investing that kind of money or effort on a razor-thin margin or a slight loss.

There are much better ways... Smarter, more profitable ways.

I can’t in good conscience recommend a method that will cost someone $1,000 to acquire a customer.

What if I told you there was a way that you could get in front of tons of your ideal audience members without spending any money upfront?

Ditch that expensive customer acquisition cost of $1,000 and your business is already looking a lot more profitable!

For the rest of this quarter, I’ll be talking more about that and other time-tested strategies for building a profitable business while still retaining your time freedom.

Also, it might be obvious, but what I’m talking about here is building a profitable business… people can always make top-line revenue but if their expenses are out of control and the owner isn’t taking anything home, the top line doesn’t really matter.

I actually have a spreadsheet I use to run numbers and find my outer edges of profitability to see where I need to be and where I WANT to be from a revenue and profitability perspective.

If you think this would be valuable, send me a DM on Instagram @itsginnytownsend https://instagram.com/itsginnytownsend and let me know.

Because, for me, if I can see the numbers, I feel pretty dang clear on what needs to be done.

So, again. To circle back, I think one of the most valuable ideas I’ve heard in a long time - and it’s what can allow businesses to become more profitable this year and beyond - is to collapse time.

To collapse time simply means getting your offer in front of more people in a shorter amount of time. With our ever-digitizing world, this is now more possible than it ever was before. So, thanks again to Myron Golden who provided this language.

How can you go collapse time in your business this week?

How can you make more offers to your audience or network?

Ponder that for now and until next time, continue to be up and to the right!