21 Tips to Building a Highly Profitable, Low Maintenance Business
Here are just a few ideas on how to be a Lazy Owner. These are ideas that were passed on to me by the Surfing Guru. If I haven’t gone into more detail on one of them in the past, I will in the future. I also hope to make this a growing list in the future.
- Build it once and sell it over and over again.
- Try to deal with clients as little as possible. You should be involved in creating systems/processes, developing your products, and implementing your marketing
- Create systems so that you do not need highly skilled people to operate your business.
- Unless you can come up with a Killer App or Idea like Google, your success is based on your ability to market and sell
- Revenue being about the same, you would rather have less clients than more
- That which gets measured, gets done
- Everything that is done should follow a defined process
- Perceived commodities can be turned into high value items with a few changes
- A higher price can create a higher perceived value
- Create a sense of urgency with all offers
- Exclusivity is a very powerful tool to motivate prospects
- Lead Generating campaigns should have a specific call-to-action (like a special report) and not be just a “brochure”
- You don’t need high-powered sales people to generate sales - a $15/hour employee can work just as well
- 50% of all sales come in the first 2 weeks after they are leads. If you continue to sell to the prospect, 50% will become clients at some point after the 2 weeks.
- Even with PPC, Direct Mail is still the most effective way of directly reaching your target market.
- Use Lead Generators to get prospects to “raise their hand”. Once you get this list, pull out the big guns when selling to them.
- By creating a highly polished sales presentation on the web, you can reach the prospect whenever they want to hear about your product or service
- Price your product/service so that it has a high perceived value for a low perceived price.
- Use Joint Ventures and Affiliates to help generate new clients and to reduce your implementation costs
- It’s a much wiser use of time getting 80% right than spending a disproportional amount of time, getting something 99% right.
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Don’t build a business that is totally dependent on you to operate day-in and day-out. The business should be able to run smoothly if you decide last minute to take off the entire next week (or couple of weeks).
The last item is probably the most important item and really helps to drive everything else.
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September 27th, 2007 at 10:20 am
Great site and yet an even better title… Thanks for the post i found this site at the perfect time.