3 Steps To Starting (Or Fixing) Any Business

Summary

In this insightful script, the speaker shares a conversation with a high school friend who's launched a business. The friend is concerned about fulfillment issues before making a sale, to which the speaker advises to focus on creating sales flow first. Emphasizing the importance of offering immense value to secure a 'yes,' the speaker encourages overcoming self-imposed limitations and optimizing after establishing a customer base. The narrative highlights the power of mindset in achieving financial success and the strategy of 'create flow, monetize, then add friction.'

Takeaways

• 🚀 Start by making sales before worrying about fulfillment issues. Focus on closing deals first, then deal with the challenges of scale.
• 💰 Price your offer high enough that it's hard for potential customers to say no. The speaker suggests a price of $4,800 for 10 weeks as an example.
• 🤔 Recognize that many entrepreneurs try to solve problems that don't exist yet, like being overwhelmed by fulfillment before making any sales.
• 💡 Once sales start coming in, use the revenue to address any real issues that arise, such as optimizing the fulfillment process.
• 🛠 Follow the rule of 'create flow, monetize flow, then add friction.' This means establish demand, secure sales, and only then refine the process.
• 🔄 Initially, over-deliver on your promises to ensure a good impression and to learn what aspects of your offer are most valuable to customers.
• 🏋️‍♂️ The analogy of a gym-goer wanting to get big quickly is used to illustrate the importance of starting with small, achievable goals before tackling larger ones.
• 🧠 Emphasize the power of mindset in making money. Beliefs shape outcomes, and rich outcomes start with rich expectations.
• 🎯 Focus on creating an offer so compelling that it's easy for customers to say yes. This approach reduces the need for exceptional sales skills.
• 📈 After making initial sales, learn which parts of your offer are most valued and which are time-consuming but less important to customers.
• 🌟 The story of attending a conference and learning the importance of making an offer so good that people would feel foolish to refuse was a pivotal moment for the speaker.

Q & A

What is the main concern of the speaker's high school friend who recently started his own business?

The main concern is the potential of being overwhelmed with fulfillment due to offering too much in his service without having made a sale yet.

What advice does the speaker give to his friend regarding his concern about fulfillment?

The speaker advises his friend to focus on making sales first and not to worry about the fulfillment issues that haven't occurred yet.

What price does the speaker's friend offer for his service?

The friend offers his service for $4,800 for 10 weeks.

What is the speaker's perspective on solving problems that do not exist yet?

The speaker believes that people often try to solve problems that are not real yet, and it's better to focus on making sales first and then deal with actual issues as they arise.

What is the 'value ladder' mentioned in the script?

The 'value ladder' is a term used to describe the progression of value offered to customers, though the script does not provide specific details about it.

What are the three steps the speaker suggests for a new business to follow?

The three steps are: create flow, monetize flow, and then add friction.

What does the speaker mean by 'create flow'?

'Create flow' refers to generating demand or interest in the product or service being offered.

What is the importance of making an offer that is 'so good they would feel stupid saying no'?

This approach ensures that the offer is so compelling that it's hard for potential customers to refuse, which can lead to more sales even if the seller is not exceptionally skilled at sales.

What is the speaker's opinion on the mindset of poor versus rich people regarding outcomes?

The speaker believes that poor people have poor beliefs and expect poor outcomes, while rich people expect rich outcomes and make decisions based on the possibility of achieving those outcomes.

What was the key lesson the speaker learned from Travis Jones (TJ) at the conference?

The key lesson was to make people an offer so good that they would feel stupid saying no, emphasizing the importance of the offer's value rather than sales skills.

How did the speaker apply the lesson learned from TJ in his own business approach?

The speaker applied the lesson by focusing on creating offers with so much value that customers would feel compelled to accept, rather than focusing on scaling or cutting prices.

What is the speaker's strategy for dealing with the overwhelm of fulfilling initial sales?

The speaker suggests embracing the overwhelm as a normal part of starting out, learning from the process, and then optimizing the offer for both value and profitability over time.