Here are the keys we find to building a great business:
The first step is to find a really strong niche and here’s what makes a great niche:
• There are a lot of people who have a need, a want, a desire, and a passion – people who actively go looking for products and services – and those people must have the willingness and the ability to pay you.
• You can differentiate in that niche, you must stand out from your competition. Online, that includes people giving stuff away for free; there’s so much free stuff online that if you’re trying to compete by selling something into a niche where everyone’s just giving it away for free, then you’re simply not going to succeed.
• Your market is easy to find, that is, there’s a defined group of buyers, all visiting the same websites, or they’re members of the same Facebook group, or they watch the same TV show, or read the same magazine. That makes your marketing much easier and cheaper.
Step two is to build a list within that niche and build a great relationship with people on the list. Now there’s a bunch of ways to do that, both online and offline: You might have a webpage where you give away something for free in return for contact details; you might speak from stage and collect contact details that way; you might use social media, building a following on Facebook, LinkedIn, YouTube or Twitter.
One of the key ways we build a list and a relationship with those on it is by running free workshops where we teach people our system to make money. This is really our passion – you see, our lives have changed so spectacularly since learning how to create passive income that we now have the time and money to do whatever we want. Part of that is to share our learnings about creating a lifestyle business; it’s great to be able show other people how to do that too.
On a regular basis we run three- or four-day workshops where we simply show people what it is that we do: the steps to get started. That’s a great way to build a following and people love our workshops so much that they tell their friends about it.
This interview was with Daryl Grant who features in the Business millionaire book.
In the next blog we will go through step three.