Get Oversubscribed with Dream Clients with Daniel Priestley

Summary

The video presents 12 principles for building an oversubscribed business, emphasizing the importance of creating demand through scarcity, setting strategic constraints, and recognizing the value of a collaborative team. Key concepts include the necessity of teamwork in achieving business goals, the effectiveness of starting small with a dedicated group, and the emotional support that comes from shared experiences in entrepreneurship. By applying these principles, businesses can attract customers more effortlessly and foster a loyal client base, making success a collective journey rather than an individual challenge.

Takeaways

• 😀 Principle 1: Make your business oversubscribed by understanding the importance of demand and supply dynamics.
• 😀 Principle 2: Control your availability to increase perceived value and attract more customers.
• 😀 Principle 3: Establish clear rules about customer types, working hours, and the number of clients you accept.
• 😀 Principle 4: Emphasize that constraints in business can create demand and lead to higher customer engagement.
• 😀 Principle 5: Recognize that business is inherently a team sport, requiring collaboration and support.
• 😀 Principle 6: Start building a team early, even if it includes temporary or part-time help.
• 😀 Principle 7: Seek a diverse team to cover different areas like sales, customer support, and administration.
• 😀 Principle 8: Understand that not having a team can be more costly than the expenses associated with hiring one.
• 😀 Principle 9: Leverage the emotional support of a team to enhance motivation and strategize effectively.
• 😀 Principle 10: Implement these principles to encourage customers to actively seek to do business with you.

Q & A

What is the importance of setting constraints in a business?

Setting constraints, such as limiting customer intake and defining work hours, can increase perceived value and demand for your services. It creates a sense of scarcity that makes your offering more attractive.

Why is business described as a 'team sport'?

Business is referred to as a 'team sport' because collaboration is essential for success. Having a team allows for shared responsibilities, idea generation, and emotional support, making it easier to achieve goals.

How can small businesses find team members in the early stages?

Small businesses can find team members by leveraging available resources, such as part-time workers, retirees looking for flexible work, or individuals with disabilities who can contribute meaningfully with the right support.

What are the benefits of having a small team of four or five people?

A small team allows for efficient collaboration and faster decision-making. Key roles can include sales and marketing, customer support, and administration, enabling the team to accomplish more together.

What might be a challenge when starting to build a team?

A challenge when building a team is that it may take time to find the right people. Startups often have to work with whoever is available initially, which might not be the ideal fit.

What role does emotional support play in a business team?

Emotional support within a team helps members navigate challenges together, fosters a sense of community, and encourages collaboration, ultimately leading to better outcomes and innovation.

How can a business become 'oversubscribed'?

To become 'oversubscribed,' businesses should apply principles such as creating value through scarcity, building a strong team, and effectively communicating their unique offerings to attract clients.

What should a business owner consider about their customer base?

A business owner should consider the type of customers they want to serve and establish rules around engagement to ensure they work with clients that align with their goals and values.

Why is it seen as expensive not to have a team?

Not having a team is viewed as expensive because it limits the ability to execute ideas, scale operations, and innovate, making it difficult to succeed in a competitive environment.

What final message does the speaker convey about applying these principles?

The speaker encourages viewers to implement the discussed principles immediately to attract clients and foster a business environment where customers are eager to engage, enhancing overall success.