159: 5 Steps to a Million Dollar Business

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Do you have business aspirations but struggle to come up with the right idea? Do you have awesome business ideas but aren’t sure how to know which are good and which are bad? Would you like to build a million dollar business?

If you answered yes to any of those, this episode is for you! These are my in-depth notes that I took from the 2013 Gorilla Business School Conference that I attended, and they are jam-packed with a ton of useful business ideas. They’re so packed, in fact, that I decided to split them into 2 parts, and this is the first.

Whether you’re already running a business, just have the idea for a business, or are looking for the right idea, this episode will give you the toolset that you need to be successful in business! This is a fast, hard-hitting episode with a ton of information packed into a short amount of time, so definitely take notes so you can implement in them in your business life! Enjoy!

Key Takeaways:

  • This essence of business is buying something for one price and selling it for a higher one. Business is simple
  • Be a good networker with successful people
  • Double the price of your product
  • Focus on getting customers first and foremost
  • Cashflow is King
  • Focus most of your business on marketing and sales
  • Only 20% of your time should be in administration. Any time you’re handling administration in your business you are losing money
  • Negotiate with the objective as a win-win for both parties. State a win-win intention at the outset of any negotiation
  • Create competition and you will get a better price. Price matching, etc
  • Never negotiate with anyone who doesn’t have authority to give you what you want
  • Always go into every negotiation knowing your have to haves, and your want to haves
  • Business is about building long-term relationships
  • Find the pain in the marketplace
  • Absorb change, don’t be resistant. The only constant in business is change
  • Be a great story-teller to connect with people. See my interview with Bo Eason here.
  • What gets measured get done. Measure everything

5 Steps to Come Up with Million Dollar Ideas in 60 Seconds

  1. Solve pain for others
  2. Solve problems for people for profit
  3. Look for problems and solve problems
  4. Don’t look for opportunities, look for problems
  5. After problems come – no problems

Questions to ask to drive the price down

  1. What’s the price if I pick it up?
  2. When is the sale/what’s the sale price? Can I get the sale price?
  3. Why are you penalizing me for paying now?

Resources:

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