This is a follow up to my post "5 Mistakes New Biz Owners Should Avoid"
As some of you know, my most profitable biz to date has been in the fitness genre, with my personal training company landing a huge hit with Sorority Boot Camps.
I'm currently building new business models based more on Fastlane principals; leveraging the net, while spending less face-to-face time with clients.
That said, I've learned many valuable lessons that work GREAT for B&Ms, and some that can translate to internet-only companies.
1. Get Referrals and then Get Some More Referrals!
Happy customers are worth their weight in gold. One of the smartest things you can do is reward customers for referrals. If acquiring a new customer costs say $200 in advertising, then how valuable is it when a happy client refers 5 friends? That individual just gave you a thousand dollars of value!
If any of those referred customer continues to refer, you are now growing exponentially!
Getting referrals is cheap compared to advertising cost related to acquiring new leads and usually all it costs is a little bit of time. I can't stress this enough--get referrals, in fact...
2. Build Systems
If referrals are pure gold, how valuable is building a referral system? Make it simple as possible. Customer refers 1 person, customer gets X.
Build systems for other aspects of your business as well. Something that works well for goodwill is sending birthday cards. Have a system in place that reminds you. Do it the same way, day in and day out. Build systems for marketing, for sales...everything. This will allow you to bring in employees and take yourself out of the business if you're a sole proprietor.
3. Think in Big Numbers
I don't mean this in just monetary terms, but in delivery. How can you serve more people? How can you deliver bigger value? How can you get in front of a bigger number of people? How can you serve 10 more customers per hour? How about 100?
In theory, if you business systems are in place, plugging in bigger numbers should generate you more wealth.
4. Don't Waste Money--Save Some!
Just because you get tax breaks now, doesn't mean you should overspend. Do you really need a $12 broom, if you can get one for $5 that's just as good?
Always save some money, especially if things are doing well. The thing about business is you could follow up your best month with your worst month ever, so be prepared.
5. Occasionally Treat People in Power
I don't generally like to give people special treatment, but consider this: association can make you or break you. One thing I did was work with models in exchange for permission to use them in advertising. This saved me money, while also getting my company recognized for working with the best. This also allowed me to position my business as upscale, instead of having to compete based on price.
Another way this works is by treating a business owner. Their business and/or all their employees could use your service. So he or she employees 200 people, you just got 200 clients for the price of 1.
As some of you know, my most profitable biz to date has been in the fitness genre, with my personal training company landing a huge hit with Sorority Boot Camps.
I'm currently building new business models based more on Fastlane principals; leveraging the net, while spending less face-to-face time with clients.
That said, I've learned many valuable lessons that work GREAT for B&Ms, and some that can translate to internet-only companies.
1. Get Referrals and then Get Some More Referrals!
Happy customers are worth their weight in gold. One of the smartest things you can do is reward customers for referrals. If acquiring a new customer costs say $200 in advertising, then how valuable is it when a happy client refers 5 friends? That individual just gave you a thousand dollars of value!
If any of those referred customer continues to refer, you are now growing exponentially!
Getting referrals is cheap compared to advertising cost related to acquiring new leads and usually all it costs is a little bit of time. I can't stress this enough--get referrals, in fact...
2. Build Systems
If referrals are pure gold, how valuable is building a referral system? Make it simple as possible. Customer refers 1 person, customer gets X.
Build systems for other aspects of your business as well. Something that works well for goodwill is sending birthday cards. Have a system in place that reminds you. Do it the same way, day in and day out. Build systems for marketing, for sales...everything. This will allow you to bring in employees and take yourself out of the business if you're a sole proprietor.
3. Think in Big Numbers
I don't mean this in just monetary terms, but in delivery. How can you serve more people? How can you deliver bigger value? How can you get in front of a bigger number of people? How can you serve 10 more customers per hour? How about 100?
In theory, if you business systems are in place, plugging in bigger numbers should generate you more wealth.
4. Don't Waste Money--Save Some!
Just because you get tax breaks now, doesn't mean you should overspend. Do you really need a $12 broom, if you can get one for $5 that's just as good?
Always save some money, especially if things are doing well. The thing about business is you could follow up your best month with your worst month ever, so be prepared.
5. Occasionally Treat People in Power
I don't generally like to give people special treatment, but consider this: association can make you or break you. One thing I did was work with models in exchange for permission to use them in advertising. This saved me money, while also getting my company recognized for working with the best. This also allowed me to position my business as upscale, instead of having to compete based on price.
Another way this works is by treating a business owner. Their business and/or all their employees could use your service. So he or she employees 200 people, you just got 200 clients for the price of 1.
Dislike ads? Become a Fastlane member:
Subscribe today and surround yourself with winners and millionaire mentors, not those broke friends who only want to drink beer and play video games. :-)
Last edited by a moderator:
Membership Required: Upgrade to Expose Nearly 1,000,000 Posts
Ready to Unleash the Millionaire Entrepreneur in You?
Become a member of the Fastlane Forum, the private community founded by best-selling author and multi-millionaire entrepreneur MJ DeMarco. Since 2007, MJ DeMarco has poured his heart and soul into the Fastlane Forum, helping entrepreneurs reclaim their time, win their financial freedom, and live their best life.
With more than 39,000 posts packed with insights, strategies, and advice, you’re not just a member—you’re stepping into MJ’s inner-circle, a place where you’ll never be left alone.
Become a member and gain immediate access to...
- Active Community: Ever join a community only to find it DEAD? Not at Fastlane! As you can see from our home page, life-changing content is posted dozens of times daily.
- Exclusive Insights: Direct access to MJ DeMarco’s daily contributions and wisdom.
- Powerful Networking Opportunities: Connect with a diverse group of successful entrepreneurs who can offer mentorship, collaboration, and opportunities.
- Proven Strategies: Learn from the best in the business, with actionable advice and strategies that can accelerate your success.
"You are the average of the five people you surround yourself with the most..."
Who are you surrounding yourself with? Surround yourself with millionaire success. Join Fastlane today!
Join Today
