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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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Startups

5 Strategic Power Moves to Successfully Build Your Empire

Transitioning from idea to empire is a journey of strategic planning, execution, and constant evolution

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how to build your empire

The journey from a fledgling idea to a thriving empire is both exhilarating and daunting. The Startup Launchpad is not just a process but also a strategic framework that enables visionary entrepreneurs to become market leaders. This framework comprises five power moves, each a critical steppingstone in building a successful business.

These moves—Ideation, Business Plan, Online Presence, Strategic Marketing, and Launch and Growth—are the blueprint for turning aspirations into achievements. (more…)

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How to Avoid Startup Clichés and Buzzwords When Pitching Investors

Using jargon can make you sound like you’re trying to fill space instead of providing meaningful data

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How to pitch investors better

Entrepreneurs frequently seek startup funding through a variety of channels. Yet, none seem as challenging as successfully pitching to experienced investors. After all, investors are pressed for time and eager for opportunities. These characteristics make it challenging to motivate them, especially if you’re bombarding them with a pitch full of jargon. (more…)

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From Idea to Empire: 5 Power Moves for Your Startup to Thrive in Today’s Market

As an entrepreneur, I’ve learned that understanding market dynamics and choosing the right business model are crucial

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How to thrive in the startup market in 2024

As an entrepreneur, I’ve learned that understanding market dynamics and choosing the right business model are crucial.

A few months into the startup, I was quick to gauge why it is necessary to go beyond the nuances of operational efficiency and the art of sustaining a business amid growing competition.

Collaboration is key.

The HR and the recruiting teams work with departments to foster a culture of collaboration, but what’s indispensable to business performance is the sync between the marketing and sales teams. What we’d consider as entrepreneurs is the need to ensure seamless collaboration to predict and achieve business goals together. In turn, this will help secure long-term recurring revenue for the business.

Besides, entrepreneurs need to focus on revenue as they gear up to take their startup from $0 to $1 million. The journey is filled with critical decisions, from identifying your target customer base to choosing the right funding strategy.

So, what next?

Read on… because here are five practical, results-driven strategies that you as a founder can implement to make a mark in their industry.

#1. Embrace the Lean Methodology

What is lean methodology?

It is all about pivoting resources to create more value for customers with fewer resources. 

This principle encourages you to be more agile and allow rapid iteration based on customer feedback rather than spending years perfecting a product before it hits the market.

Want to implement it?

Here’s what you can do.

Build “Measure-Learn” Loop: What I did was develop a minimum viable product (MVP), a simple version of the product. You can do the same since it allows you to start the learning process as quickly as possible. After launching MVP, measure how customers use it and learn from their behaviors and feedback.

Here’s what I can recommend here:

  • Identify the core features that solve your customers’ primary needs and focus solely on those to develop your MVP.
  • Know the feedback channels where early users can communicate their experiences, suggestions, and complaints.
  • Analyze user behavior and feedback to make informed product development and iteration decisions.

#2. Focus on Customer Development

Let’s talk about taking our startup to the next level. 

It’s not just about getting customers – it’s about really getting to know them. We need to dive into their world, understand their struggles, and see how our product or service can make a difference in their lives. 

It’s like we’re detectives, piecing together the puzzle of our business hypothesis by actually chatting with our customers

What would you ideally do here?

Understand Customer Segments: I’d say, start dividing your target market into segments and develop a deep understanding of each segment’s demographics, behaviors, needs, and pain points. The idea is to get into their shoes and really feel what they feel.

Ensure your Product Clicks: When starting up, think of what you offer and consider whether it clicks with what our customers need. My thought was “Does my product solve their problems? Does it make their day better?” Put yourself through a tough grilling session to show customers the value proposition and ensure that the product’s promise matches what our customers are looking for.

I’d recommend the following actions here:

  • Talk to them – through surveys, interviews, or even casual chats. The goal? To gather real, raw insights about what they need and expect.
  • Use the collected data to create detailed profiles for each type of customer. This way, everyone on our team really understood we were serving. I think this should help your startup as well.
  • Try out different versions of our product with a few customer groups. It’s all about feedback here – understanding if you’re hitting the mark or if we need to pivot.

#3. Foster a Data-Driven Culture

The digital world is highly data driven since it fuels key decisions in a startup. 

I believe it’s essential for us to build a data-driven culture. This means, you’ll move from making decisions based on hunches or assumptions. Instead, the focus should be on data analytics and insights to guide our strategies and improve our outcomes.

What can you do?

Use Data Analytics Tools: You should be using these tools to gather, analyze, and interpret data related to customer behavior, market trends, and our business operations. Here, consider the adoption of pipeline forecasting that leverages AI to find patterns in marketing data. 

In turn, you’ll get areas for improvement since it can analyze historical data and predict the outcome for you to plan your.

Action Items:

  • Pinpoint key performance indicators (KPIs) that align with your business objectives and ensure they are measurable and actionable.
  • Next, you can consider training your team to understand and use data analytics tools. This might involve workshops or bringing in experts to build a data-savvy workforce.
  • Once everything is in place, regularly review data reports and dashboards. This gives us a clear picture of a startup’s health and helps adjust your strategies and predict future trends.

#4. Strengthen Your Financial Acumen

A good grip on financial skills is important to steer your business towards growth and making sure it stays on track. For this, you’ll have to understand the money side of things, which helps you manage your cash flow. Think of figuring out smart investment moves and sizing up any risks that come your way.

Here’s a tip on how you can get savvy with your finances.

Maintain Rigorous Financial Discipline: I’m really focused on cultivating a strong company culture, one that truly resonates with our mission. So, I’d suggest fostering open communication and encouraging a sense of ownership and collaboration among everyone in the team.

Action Items:

  • Get to know your financial statements inside out – I’m talking about the income statement, balance sheet, and cash flow statement. These are like the vital signs for your business’s financial health
  • Use financial forecasting that helps predict your future money moves. With this, you will have a heads-up on upcoming revenues, expenses, and how much cash you’ll need. Also, research on the available financial forecasting tools that can make predictions spot-on.
  • Don’t go at it alone. Regularly touch base with financial advisors or mentors. With them by your side, you’ll have a fresh perspective on your financial strategies to ensure you’re on the right path to hit your business goals.

5. Prioritize Team Building and Leadership Development

It is crucial to focus on building a solid team and developing strong leaders. This means putting our resources into the people who are going to propel our company forward. 

What you’ll aim for here?

Creating a culture where everyone collaborates and every team member has the chance to emerge as a leader.

What I would do:

Cultivate a Strong Company Culture: This culture should mirror our mission and foster open communication. It’s important that it encourages everyone to feel a sense of ownership and work together.

Invest in Leadership and Team Development: As founders, we’ll have to make way for opportunities for teams to enhance their skills, face new challenges, and grow in their careers.

Some concrete steps that you should consider taking:

  • Begin with clearly communicating your startup’s vision, mission, and values so that every team member is on the same page.
  • Conduct regular team-building activities and workshops to boost skills and strengthen a sense of unity and collaboration.
  • How about starting a mentorship program within our organization? The more experienced team members could guide and support the growth of newer or less experienced folks.
  • Alas… encourage feedback at all levels. We should keep striving to create an environment where open, honest communication is the norm and everyone feels safe to speak up.

I know it’s one thing to get your head around these ideas and quite another to actually make them a part of your everyday business life. But that’s where the real magic happens, right? It’s all in the doing. 

As a startup founder, this means more than just being a big dreamer. How about rolling up your sleeves to be the planner who pays attention to the smallest details. Ultimately, these tips and more tactics around it will help carve a leader in you who listens and cares and the learner who’s always ready to adapt

So, as you’re either starting out or moving forward on this entrepreneurial adventure, keep these practical tips right there.

May these be your guiding lights, helping you steer through the wild and exciting world of building a startup that’s not just a dream, but a thriving reality.

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12 Things I Learned in 12 Months of Working on My Startup

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Image Credit: Unsplash

A few weeks ago I launched my startup. It took exactly 12 months from the initial idea until the moment I saw my app in the App Store. And these were some of the most challenging, fun and exciting 12 months of my whole life. (more…)

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