The Traffic Jam, The Swan & The 5 Big Business Fundamentals

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What’s a swan doing in the fast lane of a 4-lane motorway in rush hour traffic???

Obviously listening to me as I share the 5 Big Business Fundamentals 😉

And that’s not the only podcast glitch….

 

On this episode Keith talks about the ONLY 5 THINGS you need to do to make your start-up amazingly successful. Amongst other things Keith discusses:

  • Why most start-ups fail within 2 years.
  • The 5 Ps that will keep your business on-track.
  • And when & how to use these strategies in your start-up.

 

So listen here to find out about the Traffic Jam, the Swan and the 5 Big Business Fundamentals.

For more insights, subscribe to Keith’s 7-Figure Business Secrets iTunes podcast.

If you’re in a rush to create a sustainable income from your business then get your FREE copy of The Entrepreneur’s Guide to Rapid Business Growth. 

 

Transcript

Hey, morning, and welcome to a Traffic Jam edition of 7-Figure Business Secrets!

Just on my way into the office. As you can see all around me, still in a pretty lengthy traffic jam.

Apparently, there’s a crash about five miles ahead.

So, we’re just waiting for it all to clear, but it gives me a great opportunity to give a quick chat to you guys.

Why Most Start-Ups Fail

What I want to talk to you about this morning was something we’ve been working on for it seems like years, but only the last week.

It’s a new product that we’ve got coming up.

You’ll hear more about it.

It’s the Big Business Start Up Systems product.

Basically it’s how do you set up a start-up quickly in a way that’s going to get you a high income, and basically fund your lifestyle, but make it happen quickly.

The problem with most start-ups, as you probably know is, 90% fail.

That’s not good.

That’s just the reality, but a lot of that is avoidable.

The reason that most start-ups fail is not because there aren’t clever people and great entrepreneurs.

It’s actually the advice that’s followed. The standard advice is actually incorrect.

Because actually what’s really important to start-ups is cash.

Cash is king.

If you follow the right approach for start-ups …

The Swan

Oh, this is mad.

There is a swan on the road.

I kid you not.

I don’t think I can take a photograph of this, which is a shame.

This is mad.

Poor swan is sitting here in the road, doesn’t know what to do with itself.

Poor bird.

Anyway, we’re now past the swan.

Where Was I?

So most people, they don’t know what to do.

What happens is, they go gung ho for a year, ups and downs, ups and downs, and then it starts dawning on them, “Actually this isn’t happening as fast as I thought it was.”

And then by year one and a half to two, they begin to run out of cash, sales aren’t coming in, and eventually, they just have to give up.

I know because that’s happened to me twice.

Actually, it’s all avoidable.

That’s what I’ve learned, that actually the way we start businesses and the way that it’s portrayed out there as how we do it is just wrong.

We’re taught business plans, and you need to do this, that, and the other, and legal structures.

Actually It’s not.

The Only 5 Things You Need

It breaks down to there’s actually five things you need to do for a successful start-up.

And they’re the only five things you should be working on, initially.

The thing about these five things is, you need to work on all of them together.

If you want to be successful, successful quickly, which means getting cash coming in quickly to support you in your venture before the cash runs out, you need to be looking at these five things.

So what are they?

Very, very, very quickly….

#1 Positioning

The first one is Positioning.

Basically it’s figuring out, what is the problem in the market that customers actually have and are spending money on?

Really important, they actually have, and they’re spending money on, i.e., they’re willing to commit money to go and solve this.

And part of that positioning is, where do you fit into that?

Do you think that you’re able to solve their problem better or quicker or cheaper or whatever it is than what they’re currently trying to solve their problems with?

You need to really spend a bit of time on that, talk to people, look at your competitors, look at what you’ve got, and figure that one out.

And if you get that one right, everything else comes a lot easier.

#2 Product

The second thing is your Product or service.

What exactly, what are you providing that’s going to solve that problem really well?

That’s the key.

You’ve got to build your product or service around solving the problem, because if you can solve the problem, guess what?

Your marketing is easier, your word-of-mouth is easier, because people will actually take the thing that you’re selling, use it, and get a result.

And by them getting a result, you’re going to be much more confident in your products, and you’re going to be much happier selling them.

So it’s a big, big virtuous circle.

#3 Prospecting

The third thing is … so you have your positioning and your products, yeah?

The third thing is all around your Prospecting.

So where are your customers currently sitting, and how do you get them to put their hands up and say, “Hey, I’ve got that problem, and I’m potentially interested in you solving it for me.”

Call it marketing, things like that, but actually I think prospecting is a better way.

Marketing is over-used and it’s got all sorts of connotations that it shouldn’t have.

#4 Persuasion

The fourth thing is Persuasion.

So this is where you take someone who said, “Hey, Keith, I’ve got this problem. I think you can solve it.”

How do you persuade them that actually you’re the person who’s best placed to solve their problem and that you can help them specifically – them specifically – overcome their own self-doubts about whether they could ever solve this problem?

But persuade them that their problem needs to be solved now, and that you have a solution that will actually work for them and they’ll give you money then to go and invest in that.

#5 Partnering

The fifth thing is all around Partnering.

So once you’ve made the sale, it’s really important that you actually look after them, you look after your customer and you make sure that it works for them, their problem does actually get solved.

If you do that right, you’re going to get referrals and lots of good things, and repeat sales, all of those things.

And that’s what takes a business from being barely profitable to being incredibly profitable.

So Partnering, really important.

What’s the order you do the five things in?

The Other Glitch…

No way!

What just happened there?

I’ll tell you what I did.

I got a phone call, and I clicked the phone and I forgot to turn the video back on.

So after that clip, I was talking away to the video and I went through and explained everything else that I meant to explain, and at the very end, I went to click the “stop record” and realised, do you know what? I hadn’t been recording myself.

So anyway, back home, it’s now about 10 hours later, since I was last talking.

Hey, did you see a really cool thing.

That swan, that’s obviously what put me off, you can actually see the swan’s head at the back of the car as he passed it.

How cool is that?

See, I wasn’t lying or telling porkies.

What Order Do You Do The 5 Ps In?

Anyway, I was just getting on to telling you, how the five things … Remember the five things …  and how really important it is to do, and what order do you do them in.

Well basically, you have to do them all together.

I’ve just spent the last week, hence the bags under the eyes and everything, doing the five things for the product we’re about to launch.

It’s quite intense.

Because basically you’ve got to go and you’ve got to figure out,

“What’s my positioning? Does that work? Hmm, okay.

What does that mean for my product? Hmm, okay.

So, this is my positioning and product.

What’s that mean for my messaging?

Ah, I need to go and change an element of my product.”

And you just keep working around, back and forward, back and forward, asking questions, until eventually you come up with the magic five, that you now know how it’s going to work for you.

 

So that’s my advice to you. If you are looking to create a business that’s going to be sustainable and is going to basically replace your salary and income and all of that, you’ve got to have a look at all five.

Ignore probably 3/4 of the business advice that you hear.

It doesn’t work.

I know.

I’ve been there.

I am MBA-trained.

I’m telling you I’ve been told it and sold all of that.

Actually, it’s designed for companies who want to get huge bank loans and VC funding.

That’s what most business advice out there is actually based on.

 

The business advice that you need for now, right this second, given the world we’re in, is basically listen you need to be getting out there.

You don’t need a huge amount of capital or cash to do it.

You need to follow those five things, those five P’s I talked to you about.

Remember, it’s your Positioning, it’s your Product, it’s your Prospecting, it’s your Persuasion, and your Partnering.

 

Right.

Hope that helps.

And I shall talk to you, soon.

Bye.

 

If you’re in a rush to create a sustainable income from your business, then get your FREE copy of The Entrepreneur’s Guide to Rapid Business Growth

(Click here to listen to this week’s blog on podcast).

For more insights, subscribe to Keith’s 7-Figure Business Secrets iTunes podcast.

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