this simple formula has made me millions (6 steps)

Summary

This video shares insights from a creator's journey through repeated failures and eventual success in the online business world. The creator emphasizes the simplicity of business: identifying your unfair advantage, tapping into an existing desire, offering a unique solution, and asking for payment. They highlight the importance of focusing on outcomes, knowing your audience's needs, and leveraging personal advantages to create effective products. The creator also explains how to package and deliver your product, offering a step-by-step formula for building a profitable online business based on real-world experience and strategies.

Takeaways

• 😀 Business is simple but difficult. It’s not about the perfect product, offer, or funnel, but about taking the right steps to provide value.
• 😀 The four essential steps to starting a business: 1) Identify your unfair advantage, 2) Tap into an existing desire, 3) Offer a unique solution, and 4) Ask for payment.
• 😀 Focus on creating a product for one person, not the entire world, to build a stronger connection and more effective solutions.
• 😀 Tap into existing desires, don’t create new ones. Identify what your audience is already striving for, whether it’s a specific goal or outcome.
• 😀 Understand why your target audience hasn’t achieved their desired outcome yet. This helps reveal gaps in the market that your product can fill.
• 😀 Your unfair advantage is what makes you uniquely positioned to deliver a solution faster, better, or more effectively than others in your niche.
• 😀 People buy outcomes, not information. Shift your offer from providing content to delivering a concrete result that your audience truly wants.
• 😀 The delivery mechanism of your product (course, coaching, done-for-you service) should align with the result and the time it takes to achieve it.
• 😀 Start by focusing on the outcome you want to help your audience achieve and work backward to decide on the best method to deliver that outcome.
• 😀 When choosing how to deliver the result (online course, coaching, done-for-you service), consider the time required and the level of personal support needed.

Q & A

What were some of the key business failures mentioned in the transcript?

The speaker mentioned several business failures, including launching a digital product in 2017 with no sales, attempting to create a software company called Flowkit.io in 2019, and releasing a Photoshop course in 2020 that lost money due to overspending.

What is the main lesson the speaker learned from these failures?

The main lesson was that business is much simpler than many creators make it out to be. The speaker realized that overcomplicating things, such as focusing on perfecting the product or funnel before even starting, prevents people from taking action and moving forward.

What are the four key steps to starting a business, according to the speaker?

The four key steps are: 1) Identify your unfair advantage (what you can bring to the world that people are willing to pay for), 2) Tap into an existing desire (understand what people already want), 3) Create a unique solution that helps people achieve that desire, and 4) Ask people to pay for it.

Why is it important to focus on one specific person when creating a product?

Focusing on one specific person helps in tailoring the product to meet their deep needs and desires. By understanding this person thoroughly, you can create something that resonates deeply with them, which in turn will attract many others who share similar needs.

How should creators determine what their target audience truly wants?

Creators should identify a pre-existing desire within their audience—something that people already want to achieve. It’s important not to try to create a new desire but rather tap into something that already exists to increase the likelihood of success.

What role does understanding why someone hasn’t achieved their goal play in product creation?

Understanding why a person hasn’t achieved their goal helps reveal gaps in the market. By identifying what hasn’t worked for them in the past, you can create a product that fills that gap and offers a unique solution they haven’t encountered before.

What is the significance of the 'unfair advantage' in business?

Your unfair advantage is what sets you apart from others in the market. It’s what makes it easier, faster, or more achievable for your audience to reach their desired results. Identifying this advantage allows you to create a unique mechanism that stands out in a crowded marketplace.

What is the difference between selling information and selling outcomes?

People are more motivated to buy outcomes, not just information. While information-based offers focus on what people will learn or receive, outcome-based offers emphasize the tangible result the customer will achieve, making the offer more compelling.

Why is the delivery mechanism of the product (course, coaching, etc.) less important initially?

The delivery mechanism is less important at first because the focus should be on understanding the target audience, their desires, the gaps in the market, and how you will uniquely solve their problems. Once those elements are clear, choosing the delivery mechanism becomes easier and more relevant.

What factors should be considered when choosing how to deliver a product or service?

When deciding on a delivery method, creators should consider the result they are helping the audience achieve and the time it will take to achieve that result. A course may be suitable for smaller, quicker results, while more intensive coaching or done-for-you services may be needed for larger outcomes.