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How to Turn Your Expertise into a Scalable Business

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How to Turn Your Expertise into a Scalable Business

I’ve had a lot of people reach out these past couple of months asking about how to build an online business, how to create an online course, or how to start a membership site/coaching program. We both know there is NOTHING more important than scale and making sure what you’re doing is multiplying your time in the future.

It’s the ONLY way to create a lifestyle, and live life on YOUR terms. E-learning is a thriving industry, and it’s still at it’s beginning stages. I wanted to share with you my thoughts on how to make sure you’re building a business and lifestyle you thoroughly enjoy, and that isn’t attached to your time.

Here are 5 ways to turn your expertise into a scalable business:

 

1. Stop making the wrong trades

Everything you do should multiply your time, and should give you more freedom to make a bigger impact. Successful entrepreneurs realize they will never become wealthy trading time for money. It’s ok for a while when you start, but at some point you have to focus on scaling and leverage. You’re fighting an uphill battle if you’re trying to make seven figures trading time for money. You won’t get to seven figures only doing more of what made you six figures.

Focus on the power of leverage and how to create consistent income without trading time for money. One of the most intelligent ways I’ve seen people do this has been creating online courses and programs that make money 24/7. Take some time to really analyze if you’re maximizing your time. If you are trading time for money, make 100 percent sure it’s an intelligent trade.

 

2. Start creating vs. waiting

I’ve been fortunate enough to interview dozens of the world’s most successful entrepreneurs and one thing is always abundantly clear – they don’t wait for opportunities to come to them, they create them. A WANTrepreneur spends their first day designing a logo while the true entrepreneur closes their first 10 clients. If thriving is a goal, you must stop procrastinating, stop creating 100-page business plans, stop researching the perfect website font, and start executing on the things that matter.

The time is now, and there is no tomorrow for champions. I promise you that one year from now you will have wished you started today. Wake up early, go to bed late, disable distractions, be relentless, stay intentional, and never give up. It’s simple – if you want it to happen, make it happen. Period. You will make time for things you really care about.

“Most people spend the first half of their lives saying they are too young, and the second half saying they’re too old.”

3. Be a producer, not a consumer

MJ Demarco in “The Millionaire Fast Lane,” talks about the importance of being a producer first, and a consumer second. Here is an excerpt: “Applied, this means instead of buying products on TV, sell products. Instead of digging for gold, sell shovels. Instead of taking a class, offer a class. Instead of borrowing money, lend it. Instead of taking a job, hire for jobs. Instead of taking a mortgage, hold a mortgage. Break free from consumption, switch sides, and reorient to the world as producer. To consume richly, produce richly first. Unfortunately, most people have it backward: consumption and no production. Producers get rich. Consumers get poor. Switch teams and reorient as a producer first, a consumer second. Make wealth attracted to you!

Those focused on building something bigger than themselves, and those on purpose, are always producing results, not consuming.

 

4. Tell yourself now matters

I’m guessing you’d like to be financially free by the time you’re 65 years old? I’m sure everybody does. Let’s deal in reality here.

  • 69% of Americans who start working at 25 will be dependent on relatives, friends, or charities at age 65.
  • Nearly 36% of people age 65 to 69, and 21 percent age 70 to 74, are still working.
  • Almost 75% of single Social Security recipients aged 65+depend on Social Security for all or most of their monthly income.

I will tell you, becoming one of the few who are economically secure starts with urgency NOW. You MUST have a sense of urgency to thrive. Do you think those struggling in their 30s, 40s, and 50s told themselves they were going to struggle? Of course not. If you talked to them when they were younger, they were confident they would have their dream house, dream job, have lots of money, and be enjoying life to the fullest. What happened? They never told themselves NOW matters. They didn’t connect their daily actions with their future goals. Don’t fall into that trap.

Realize that now matters more than any other time, and the “someday isle” mentality is killing so many dreams. I know people who have been in the same company for years, but haven’t advanced. You often hear people say “I have 20 years of experience, I should get paid more,” but in actuality, that person has one year of experience repeated 20 times. If they’re not sharpening their skills, learning better tools, or constantly trying to better themselves, they aren’t becoming more valuable. Why should they expect more money?

“Change your life today. Don’t gamble on the future, act now, without delay.” – Simone de Beauvoir

5. Stand on the shoulder of giants

You don’t need to reinvent the wheel, and you sure as hell don’t need to figure everything out yourself. Find something that is already working and make it better or connect with those who have mastered what you’re looking to get better at. A smart person learns from their mistakes, as all successful people do, but those wanting world- class results learn from other people’s mistakes so they can shorten their learning curve, and not waste as much time.

One of the reasons entrepreneurship, and building online businesses are growing exponentially is because of the endless possibilities and upside. I wanted to bring you one of the industries giants live! I’ve teamed up with millionaire-maker David Siteman Garland from “Rise To The Top”.

And we did something very special for you. We ran a very deep dive free online training session on how to Create, Promote and Profit from your very own online course. You can check out the replay here. It will be taken down soon so act quick.

During the live training we revealed the specific 7 step process David has used to earn himself (and his students), millions of dollars with online courses. And you’ll see how absolutely anyone can use this process. Even if you don’t have an idea, any experience or even an audience. We have you the entire process for free.

So, click here to watch the free training instantly! I promise you’ll be glad you did.

Peter Voogd is a 2x Best Selling Author, and the founder of the prestigious Game Changers Academy.  He’s been labeled the leading authority on Gen Y leadership. He’s been featured in Forbes, Entrepreneur Magazine, inc.com, Time, HuffPost along with many other international publications.  He’s trained over  6,000 young entrepreneurs personally and his podcasts, videos, websites, and social media reaches over 1 million people monthly.  He’s known for his No BS approach to life and entrepreneurship.

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4 Comments

4 Comments

  1. Etech7

    Jun 8, 2016 at 4:31 pm

    Great tips on entrepreneurship and using our individual skill sets. Very encouraging and offers insight about how to achieve whatever goal we have for a business we may want to start. Thank you!

  2. Tim Denning

    May 6, 2016 at 9:42 am

    Peter thanks for sharing your advice I have listened to your podcast and mixtapes quite a few times. For me, rather than wait till i have the right skills, I have practiced the habit of just getting started and figuring out the detail later. This strategy has helped me a lot.

  3. Mohitkumar Darji

    Nov 18, 2015 at 6:07 am

    The article is really worth reading. These are like a stepping stone encouraging and motivating the person to stay on top of their goal. One must have passion to do things they want to achieve in life. These elements will immune the desire, the thirst, the determination to accomplish the goal (short term or long term). Periodic Success (for shorter goals) will make the person passionate to work ceaselessly on longer term goals.

    Thank you for sharing the great ideas. Thumbs up and three cheers for the same..!!!

  4. Lawrence Berry

    Oct 13, 2015 at 3:18 pm

    These are some good motivating factors that can get people on their feet and moving to strive for passive income. I personally have seen my parents and grandparents work 50 years of their life to retire with no real passive income. After reading Rich Dad Poor Dad I made it my mission in life to become successful with enough passive income to never have to work again. Anyone who has a job or is passionate about something can be an expert. You can turn that into a business for passive income.

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Startups

You Are The Problem With Your Business

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A great way to screw up your company is to get into the habit of blaming your suppliers, the market, your staff or your product for your failures.

I recently heard a story of a business that had set up a website. They sold various products and services focusing on helping people with psychological issues. The business owner was smart. The product solved a problem.

Unfortunately, the company was making almost no money. They’d hired someone to help them with their digital marketing and it wasn’t working.

Plenty of traffic was coming to the site, users were having a look around and then not buying a single thing. Who’s fault was this?

Well, according to the business owner it was the person running their digital marketing. As a result, they wasted approximately eight months marketing a website that couldn’t make any sales. The reason the business was failing according to the owner was because of the keywords that were being targeted in the marketing campaign. This is a horrible excuse.

The reason your business fails is because you’re blaming someone other than yourself. It’s the quickest way to bankruptcy. Don’t do that.


Your company is a reflection of you.

It took me a long time to figure out that a company is a reflection of its founder.

One of the businesses I had, had a toxic culture and a bunch of people that were rude to customers, arrogant and not nice people. That was a reflection of exactly who I was at the time.

The company was reflecting the flaws of my own life and what I refused to admit.

In the case of the business owner above, what was obvious is that they were good at telling lies to themselves. It was easy not to change as a business owner and insist that the change needed was nothing to do with their vision.

The issue of their company was not the digital marketing strategy but their lack of understanding around what their customer wanted.

The thought that their products were too complicated, not solving a real problem or priced incorrectly was an admission of guilt they wanted no part in. Hence the eventual demise of their company.


Take responsibility and it will change.

When you own the business, everything is your fault.

You have the power to solve any problem you choose. It starts with you being brave enough to admit that there’s a problem, and then secondly, being bold enough to insist it’s your fault and that you can change it.

The problems in your business can all be solved. That’s what it took me a very long time to understand. When I changed as a person and faced up to my hidden battle with mental illness that I didn’t want to talk about, the odds turned in my favor.

Had I have not taken responsibility for my mental illness, I would have never become a leader in a business or started another side hustle. I would have been crippled by the big, bad world that I thought I could control.

Control came from responsibility, and responsibility solved the major problem in my business: me.


Change is a must.

Not with your digital marketing strategy.
Not with hiring new people.
Not with developing a new product.

Changing yourself is the *must* because YOU attract the problems and the solutions into your business”

You can’t find the solutions or stop the never-ending problems until you stop the cause of it all: you. You’re the problem with your business. The good news is that it’s entirely within your control to fix.

Change you.

Not the business.

<<<>>>

If you want to increase your productivity and learn some more valuable life hacks, then join my private mailing list on timdenning.net

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Startups

The Different Ways of Measuring the Success of Your Start-Up

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startup success
Image Credit: Unsplash

You’ve probably heard people use the term “unicorn” in a business context. This means a privately held start-up whose value has grown to at least one billion American dollars. Think Airbnb, Uber, and so forth. There is no doubt that some start-ups have been major financial successes. And many smaller-scale start-ups are doing great as well, working hard and turning a steady profit. But that begs the question of whether finances are the only way to measure the success of a start-up. As it turns out, they might not be. At least, not always and not on their own.

How to Evaluate Success

As anyone who’s been involved with start-ups knows, you need a fair amount of flexibility to do well in this environment. Take the division of labour for example – rather than strict roles, you’ll often see everyone do a bit of everything. The same principle extends to measuring success. It can be vague and mean different things to different people, and it can change over time.

But amongst all that vagueness, one thing has become clear. Predicting the success of a start-up is very difficult for external observers. As a matter of fact, it’s often impossible. Therefore, in order to evaluate how successful a start-up has truly been, we need to know the goals of its founder(s).

“Success means we go to sleep at night knowing that our talents and abilities were used in a way that served others.” – Marianne Williamson

The Numbers

When people think about business, it’s common to boil matters down to the finances. And it certainly is possible to use numbers to measure and predict the performance of a start-up business. Net worth, gross margin, customer acquisition cost – these can all be indicators of success. But, a start-up can post impressive numbers for a while, perhaps even attract large investors, and still shut down in the end. So does this make it a failure?

The answer to this depends. If the founders wanted to start a lasting business, then yes, they failed to meet their goal. However, that isn’t always the case. If they were looking for a short-term solution and came out with more money than they had coming in, a closed-down start-up needn’t be unsuccessful. It can actually be the opposite of that.

So, looking at the figures isn’t enough, and there are different perspectives to consider. When they start planning their business venture, start-up founders may not have any particular numbers in mind when it comes to profit. Instead, they can judge their success according to some of the following criteria.

1. Happy Customers and Solving Problems

The story of a start-up often begins with a problem. The desire to help people overcome a specific issue can be the spark which ignites the creation of an entire business. And in the end, that may be all that matters to the founders.

This is closely connected to the happiness of the customers. If the resulting product or service has made people happy by helping them solve a problem, that is all that may be required for a start-up to be a success. Now, no business wants unsatisfied customers. But in cases like this, happy customers aren’t the way toward the ultimate goal – they are that goal.

In other words, some start-up founders don’t just use financial reports to measure how much they’ve achieved. To them, the one metric which stands above all others is the quantity of positive feedback they’ve received. The main area of focus is customers who use the start-up’s products or services to solve a problem they were having.

2. Impact

Every start-up founder likes doing well in terms of revenue. But for some of these entrepreneurs, the profit is merely a side effect of what they actually set out to do – impact the world in a positive manner. You can see an example of this line of thought with Elon Musk. He said that back in college, he had wanted to be a part of things that could end up changing the world. The continuation of this philosophy is evident in his electric cars (which aim to reduce pollution) and the SpaceX program (which strives to break down some of the barriers of space exploration).

In both cases, the furthering of mankind is the ultimate goal. Many other start-up founders feel the same, even if they have smaller goals in mind. To these people, there is no greater proof of success than if their company has had a positive impact on society or even a small segment of it. In their view, to make a difference is to succeed.

“The only limit to your impact is your imagination and commitment.” – Tony Robbins

3. Freedom

For some, starting up their own business is less about getting rich and more about gaining the freedom to conduct their business the way they want to. In this case, financial success is just a means to an end. The endgame is to be your own boss.

The fact is, some people don’t do well when they’re constantly receiving orders. They are simply hardwired to be free thinkers and they require an environment that allows them to do things in their own way.

Being in a position where you hold all the cards can be exhilarating. The knowledge that your decisions are final is very empowering, and many strive for such freedom. If a start-up can allow such people to go from being a regular employee to being in charge of making all the decisions, then it has already achieved all the success that it needs to.

4. Time for Friends and Family

As many people know all too well, a job can easily turn into the focal point of your daily life. Instead of being a way to support your lifestyle, your work dominates your time. And when that happens, the time you have to dedicate to your loved ones becomes scarce. Combating this is precisely what some have in mind when they decide to take the leap and start their own business.

Now, running your own company is no mean feat and it will require a lot of effort. But the beginning is the most time-consuming part of the process. Later on, it can be possible to create a system which leaves you with a lot more time on your hands. You can spend this time with your significant other, your children, or your friends. A start-up which gives you this opportunity is perhaps the greatest success of all.

A start-up is an extension of its founders and so are that company’s goals. Some entrepreneurs are in it for the profit, but not all of them. In the end, there is no single way to measure the success of a start-up. It all comes down to the specific aims of those who established it. But if the founders can end their day on a happy note, then the venture is a success even if it doesn’t fit some standard definition of the term.

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Startups

The Problem Is Not Your Website Or Your Product.

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spend a lot of my time talking to business owners. They focus on their product, their marketing channels and trying to make more profit.

I met one such business owner who was in the plastic surgery business. Their product (boob jobs and nose jobs) was not working. Their website sucked and people clicked off as soon as they visited it.

People would call their office, get put on hold, listen to the on hold message and hang up.

This business didn’t seem all that special. I’ve talked to many businesses and didn’t think for a microsecond that a plastic surgery clinic could ever teach me anything valuable.

I’ve been to Hollywood on holidays and the issues of body image are all too apparent to me. Anyway, this post is not about body image.

I ended up losing this business as a customer — not that I would ever have sold anything to them if it were up to me. I sat down one afternoon and thought about why we no longer did business with them.

That’s when I realized it’s not about your product or your website. All the issues with this plastic surgery clinic and a lot of other businesses I’ve dealt with stem from one thing. Let me explain in more detail.


Your Google Reviews say you’re an piece of work.

I looked up their Google Reviews and their customers said they were assholes.

They spoke down to clients, they didn’t deliver their clients what they wanted, they argued with their staff in front of customers and they treated people like they were nothing more than a dollar sign.

All I had to do was read their Google reviews to see that the problem wasn’t their product or their website.


Your clients tell you every day that you suck.

I asked the plastic surgery what their clients said.

Many of their clients told them that their services sucked and they would prefer to go to places like Thailand where they could get a better product at a much lower price.

The business owner made the mistake of thinking it was their product that was the problem and that a new website will tell clients a different message.

That wasn’t it.


You abuse your staff and they consistently leave.

I spoke with many staff that worked for this business.

Every single one of them hated the company and were not afraid to say what they thought of the business owner.

The business owner would sit outside on a nice sunny day and look across the street at all the yachts and the people boarding them.

They’d sit there and think that every lead they got was going to take them one step closer to owning their very own yacht.

“If only I could deliver more boob jobs, maybe I could have one of those,” they thought quietly to themselves hoping that no one else could hear how ridiculous this sounded.

I can remember multiple times being on the phone to the business owner and having one of their staff burst into tears halfway through the call.

The first time it happened I didn’t think much. After the third time, I got the message. During the short time I dealt with this business, people consistently left. If you made it to the six-month mark, you were some sort of hero and would probably be given a free surgery to say thank you for your work and make you feel worse about your own body at the same time.

It was free noses and boobs in return for daily abuse.

The problem still wasn’t the website all the product.


You don’t solve real problems; you solve your own problem.

A good business solves a problem.

That problem typically affects human beings and solving it is how you make money in business. Solving problems can start out with a problem that affects you, but at some point, you’ve got to start solving that same problem for other people/businesses.

This owner of this plastic surgery clinic was only trying to solve their own problem which was making more money to buy fancy items like yachts.

Only solving your own problem is not just selfish but bad business.

Good business is solving a big problem or lots of small problems for entire strangers who you don’t know thus doing something valuable for the human race.

Solving only your problem will make you poor.

The problem still wasn’t their website or product.


Creating more problems.

Everything this business owner sold created more problems.

They’d film videos to purposely make people feel like their body wasn’t perfect.

They’d write articles suggesting that everyone needs botox to feel young.

They’d take photos of men and women who were supposed to be perfect so that young people would dream of looking like them.

Not only was their business not solving a real problem; it was also creating more problems every day that it existed.

If your business creates more problems than it solves, you’re in real trouble.You need to take a long hard look at the business and become obsessed with doing everything you can to change it — and do so damn fast to limit the whirlwind of problems you’re creating behind you.


The heart of the problem.

It’s the business owner.

The business I mentioned will fail. That part is certain. The problem with the business is not the website or the product.

The problem is the business has no heart because the business owner has no heart.

You cannot focus on your own selfish desires, create really bad problems in the world, treat other human beings like garbage and expect to go buy a yacht and live happily ever after. It just doesn’t happen like that.

Whether you are a plastic surgery clinic like the one I described or a solo entrepreneur, the problem with your business is you.

Fix the problem of YOU. You can’t get away with being horrible forever.
Being horrible is bad business.

Being respectful, kind and valuable is the final answer to the problem with your business.

<<<>>>

If you want to increase your productivity and learn some more valuable life hacks, then join my private mailing list on timdenning.net

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Entrepreneurs

18 Must Read Business Books for Emerging Entrepreneurs and Startups

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business books

Reading is both relaxation and training for the mind. Who reads, dives into another world. Learning, entertaining and breaking out of everyday life for a short moment. One could go even so far as to say reading is the second most beautiful thing in the world! Whether it is non-fiction or a novel of all the world’s man has created, the book is the most powerful tool. That is also, why we wanted to find out which business book you should undertake in the new year. (more…)

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