So how do you play the get rich game?
Hello everyone and join me on this episode of the virtual entrepreneur, I am your host, Herbert innocent and today my friends, we're going to be looking at how to look at your business from a point of view of scalability, from the very getgo from the beginning, especially if you are starting out, and are struggling to scale your business, and I've struggled with this problem for a very long time so when I found it. I really wanted to share this with you.
And, essentially, how to think about scalability, and how to know when you're ready to scale, and how to know. You know, when your business is in a good shape to be going on the net to the next step. Now in a previous episode, we talked a little bit about, you know, all the things that goes into your business in terms of strategy mindset, but more importantly, the biggest thing that we focused on, on a previous episode was essentially, you being the entrepreneur, and how do you essentially expand your business profitably. Right, so we had been focusing on lead generation, and yesterday we talked about expanding it.
Now, expanding means going into different markets and all those stuff so if you didn't get a chance to listen to that episode, I want you to stop going and listen to that episode to really help you get a gist of methods that you could use to expand your business, but these steps that you want to take before that. And by the way, the Nazrul previous episode can be found to can be found in Herbert marketing help.com that is h e r b e r t marketing help.com So you can find the notes there as well as a previous episode.
Now, on this episode we wanted to focus on something, pre that step.
So, imagine you want to expand, but before you expand there are things you're considering. Perhaps you've just started the business and you're thinking, you know, I landed my first client how do I go about getting it out there the next level, and sometimes intrapreneurs we come from different backgrounds, and we first, and, you know, enthusiastic but passionate about getting there, but through maybe different strategies and maybe different types of approaches that may not necessarily be the best combinations, if that makes sense.
So, we have different mindsets than, you know, what do we need to get our business to the next level. Right, so getting rich essentially is a game, and there are methods to play, especially in the business sense. And today I had the opportunity to do some very deep researching and understanding these principles. So we're going to be looking at those right here we're going to be going through them a little bit faster, but we also break them down so that you have a, an understanding.
The first thing first.
The first thing to understand is, it's, it's about finding the opportunity first, and the money falls right. It's about finding the opportunity and the money will follow up right. Who are the people's deep pockets that, that has problems that your skills can solve.
Right. And are you picking up the phone and calling them, and this is something that I've been having. It takes a while to understand because you need to be talking with them. Right. And as entrepreneurs sometimes depending on the background that we are coming into business with, we may not be the people who have that mindset of picking up the call, and dialling, right. And sometimes they'll just pick up the phone and dialling it's picking up the phone, dialling it to set up a meeting so you can go and meet them.
Because once you meet them until you meet them, the chances are, everybody's going to be a little bit sceptical on the fence and not very sure about anything. Right, so find the key players, and you know, Start working with them, call them up, show up. Right.
And the goal is to play the contact game, right, to build rapport right, you're gonna play the contact game, and the contact game is you and I get those phone numbers ringing, you're gonna get those contacts. Right.
So those are the first few steps to go about right so you want to look for the opportunity, finding the key players with problems that you, your skills can help, and us are dialling the phone, you want to play the contact them but dialling the phone getting in front of them, you need to meet people, right, it takes courage and creativity, Right, so once you commit the creativity will follow. So grant overseas, commit and creative, and the creativity will follow. So you want to commit fast.
Right, so you have to meet people and you cannot go anywhere without meeting people, so you have to meet people first. Right. So, straight, you know, and when you're thinking about this right strangers have everything that you want, essentially, and sometimes you have to do we have to be willing to do something for free in order to get in front of them and having a strategy helps having strategic mindset and strategy in place helps. It helps having a strategy, because it may mean you helping someone who can get you in front of somebody else.
So rather than just looking for somebody who has the, the money that you want them to pay you, sometimes it's worth looking at, what do they want and where do they go to and then helping the person who has what they want, so that they can introduce you to their person that you know you want to get to.
So sometimes it's about realising that he takes an extra step to get to where you want so you're gonna play that strategic game, right, when it's done by asking who has what you want. It's not always money sometimes it's just what do you want is the cause of the house. Right, and who has that.
And then realising what are your strengths, what do you have that you can give it to them right now.
At this point, there are things that hold us back. And for me for certainty. I know Craig credibility has always been one of my biggest thing I love authenticity, I love honesty and integrity, and all those things and credibility is something that holds me back, even if I have some it just feels like I need more why. Well, well, with credibility. It's King, first of all credibility King is King. Now with credibility.
What I mean here is, you know, sometimes your solution may be working, but with credibility, it also gives you confidence. And when you're confident you're in your element right you're it's easier for you to then play around, find your way through strategy playfulness. Essentially, it's easy for you to push forward without holding back.
Right. And so you want credibility and if you don't have it, align yourself with people who have credibility. And this is something that it took me a while to understand, right, you can align yourself with people who have credibility. How do you do that, go do something for them for free, but do it in a way that you can also ask for introduction. In fact, before even start doing it, ask for an introduction.
Don't demand but as you know, Hey, who do you know that could benefit from what I'm about to give you, who else do you know, take a name, take your phone number down. That's a referral, there you go, right. So, these are things that we already know. Right. And the topic if you remember was how do we scale it up right we have a business, how do we scale up what we do before we scale it up. So we want to make sure that we are doing all of these consistently so that we have a consistent income right, we want to turn our liabilities into acid.
And we want to remind ourselves of our goals right.
The goal here is essentially to keep showing up. We don't quit any use money to get us to get it to work for us. Right, so you want to leverage everything. Now why am I saying all this thing.
Because at the end of the day, there are two things that I've noticed, right, the end of the day it's going to take promoting, promoting and promoting a business to get it out there, but even as you promoted, promoted and promoted. It won't be enough, there's something called the incremental effect.
Right, and that's what I wanted to cover here today, which is something that I made a mistake of doing, and a lot of entrepreneurs, also make mistakes of doing. So, suppose you sell services, but you don't get any monthly reoccurring income.
Your services are ones off unless the customers pays, they've paid.
There's nothing else for you. So if you're going to get another customer. Well, that's a lot of work because each and every single day to make money you need a new customer. How do you take that from what it is to an incremental because once you have it. So once you have a continuous stream without going to look for new customer, then you have a business because what that means is, you know exactly what you're getting next month without relying on looking for new customers.
And better yet, if it's guaranteed that it's in the bank like if I just have to pay you for it. It's even better because it's also secure and you can increment from that so every new customer you have, it's going to be adding on your monthly reoccurring revenue. Now this thing is easy to see from the outside, but there's something more fundamental on the inside. And the thing that is fundamental is this, in order for you to properly grow your business, you must be able to increment it right, you must have a baseline.
That is unshakable.
And then from there you can build on top it's like having a foundation a solid foundation, you know, the foundation is there. So if it's, if the foundation is three grand a month, you know, there's three grand a month, every single month there, then the goal becomes how do I get it from three to four grand, or how to get it from four to five grand. Wow, beautiful five to six grand. Right.
But until you can get it. That foundation solid defied there. And let's be honest if you have clients, and they've paid you a one time fee of 3000 that is not a solid foundation that is a one time payment.
Then you have to go and look for another one and then if you look for. Well that is great if you no validation with customers, but you need a solid foundation and that's the difference. Right. So in order for you to actually scale it, you need a solid foundation. Now if you have a service based business, some of the things that I've noticed you can do is you can have other businesses, sorry other services to complement what you have.
Oh, you can add or you can look for ways that you know you're not selling but you are essentially promoting other services that are not yours, but because the way you're promoting them, you're getting customers you know to to build up on whatever it is that you're selling.
So, this could be essentially partnering up with another business owner, and having their service based product added up onto your product line, right, because this is where you want to start building a revenue stream that is passive income. Right now the types of passive income, there is those which are based online and those job based offline.
and they are those that are solid that you own.
And that's where things start getting good so for example if you have a piece of real estate. That's when you can use those that are offline. Sorry, that's when you know, things are getting really really good you can benefit with that. But the goal is to understand that it has to be incremental. Now, the problem will have done what I did in the past was, I'll create this much and I'll say great, let's do this. And that's a really bad place to be because for next month what's next.
Right. What about the month after that. And that becomes the problem. Right, so what do you want to do instead is want to build the foundation. Right, become valuable right you're always having to add more value, and you want to always be able to, you know, show up and do the work. Right.
And the only time you want to save is when you're ready to invest right so you want to do that. The idea is to invest in yourself so that you can increase the incremental. Right.
But before we can do that you want a foundation a solid foundation so you can build on a solid foundation, a specific monthly target that you can always have, and then build on from there. So I wanted to share with that there because it takes a little bit of a deeper
understanding or a new purpose, or a different angles looking something that you've always seen and known to really get a good grasp of it. Right.
So I hope you enjoyed that. It's just something that I've learned about what to do before you start scaling your business. I want to thank you so much for tuning in on this episode of the virtual entrepreneur. And as always, I will. The notes for this episode can be found in Herbert marketing help.com that is h e r b e r t marketing help.com
And we'll talk to you on our next episode of the virtual entrepreneur as always have fun evening.