OTR (Own The Racecourse) has been updated for 2017. See what’s changed and what’s continued to work since the game-changing course was introduced five years ago.

OTR (Own The Racecourse) has been updated for 2017. See what’s changed and what’s continued to work since the game-changing course was introduced five years ago.

Are you focusing on the right products or services in your business? Get smart filters and business strategy in this episode of SuperFastBusiness.

Video highlights:

00:20 - Why so many projects?

02:29 - To diversify or not to diversify

05:01 - This should be your number one filter

06:31 - An obvious choice

07:32 - Passion is where it’s at

08:30 - Can you do THIS with your business?

09:05 - Is your market on the up?

10:29 - Consider scalability

11:23 - Leverage with by-products

12:11 - Are there easy wins?

13:09 - Can you get to your customers?

13:46 - Score your opportunities

14:28 - Your next course of action

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FREE Download - Grab the Worksheet (and Transcription)

Transcription:

James Schramko here from SuperFastBusiness.com. Today, I want to discuss with you which product or service should you be focusing on. Chances are you have a number of projects that you’re working on. And the very first thing that we should do is question, why have you got so many projects that you’re working on?

Are you a starter who likes to read an email, start a new challenge or a course, get into the first intro module or so and then stop? And then you go into the next one? Or are you just trying things because you have an idea and then you’re trying to monetize it, which is effectively putting the cart before the horse and you’re never making success with it so you start the next thing? Or maybe you’ve just got 15 things on the go because you have entrepreneurial ADD and you’re getting stuck.

Now over the years, I’ve tried a few different things. I went from having one job to having one job and then side jobs. And the main side job that worked for me was my online business. And when I went into my online business, I wasn’t exactly sure what I should do.

Now at this point, if you haven’t already seen it, I would refer you to my very popular post on SuperFastBusiness.com, which is all about Ikigai. Ikigai is finding your perfect sweet spot in life where you’re balancing out things that you’re good at, things that you can get paid for, things that you enjoy, etc. And that’s a deeper topic. So go and check that out if you haven’t already found that, if you’re still drifting around.

So when I started out online, I tried a few different things and eventually after trying a few different things, I found the thing that was going to be my first hundred thousand dollars’ worth of income as an affiliate and that was selling software. And it worked out for me. And then from there, I started all these different business models, and at one point, I had 12 different income streams. But as you know, you can get spread too thin.

Should you diversify?

Now I did it to diversify because I never wanted to run out of cash again, which I did the very first Christmas after I quit my job just because I effectively sent a company broke. I actually sold so much of their product they couldn’t deliver and they had to do refunds and then they didn’t pay me. So I started diversifying. But you can diversify too much.

"You can diversify too much."CLICK TO TWEET

Making more money can be simple. Learn how to increase revenue and customer retention in this episode.

In the video:

00:20 - A phenomenon you should look at

01:29 - Increase THIS and your conversions will skyrocket

02:44 - Most people get this wrong, shift your focus

03:49 - Helping people get a result

You don't need to build your business on your own. Join the SuperFastBusiness membership to receive personal coaching for your business. Every post gets answered.

Download the Profit Work Sheet and PDF Transcription

Transcription:

James: James Schramko here with a short video, and I want to share three things today that are the fastest path to adding some more money to your business. So let's go.

10 percent 10X

The first thing you can do is to have a look at this 10 percent 10 X phenomenon. And that is that 10 percent of your audience would happily pay 10 times more for your product or service. So the simple outcome here is add a product or service on top of the highest product or service that you have. How does this look in real life?

Well, I have a product called SuperFastBusiness membership, and it's around about a thousand dollars per year right now. There's around 500 or so members in that program. Now if I take 10 percent of that and add a 10 times more offer, we end up with something similar to SilverCircle. Well the reality is, it's 18 times more expensive, and I have six percent of the same number in there, near about 30 people. So it really does work out.

"What could you add on top of your highest level product or service?"CLICK TO TWEET

So the question for you is what could you add on top of your highest level product or service and then offer to 10 percent of your market? So you could go out to your market and you would expect around 10 percent of your audience would be interested in that. I'd love to know how you go with that.

Be more relevant

OK. Tip number two. The second thing you can do is to be more relevant to your audience. And the simplest way to do that is to figure out the top three to five types of customers you have coming to your website. And I would start with your home page and see if you can come up with a simple segmentation. So we want to segment our audience.

"Segment and prosper."CLICK TO TWEET

We've been doing this forever in the offline world, and it's time for us to do this online. If you go to the homepage of SuperFastBusiness.com, you'll see I have a simple segmentation. There's a two-step segmentation. Step one is by type of challenge.

And step two is by profit level of my audience.

Why would I do that? Well I need to segment out people who are not a perfect fit for my program. And if they are a perfect fit, I want to have the exact right words and language for them.

So when the perfect fit customer comes through that segmentation,

Prepare to change the way you go about hiring employees and managing your team.

Podcast highlights:

01:18 - From music to recruiting

03:27 - Stuck in old ways

06:06 - Enriching, harnessing and sustaining

10:13 - The Swiss army knife

13:06 - An unconventional system

18:25 - Reporting and rewards systems

20:23 - How do I keep my job?

24:48 - A quick recap

26:34 - When it's time to let go

32:49 - In closing

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Discover what a week in the Maldives can do for your business. Details HERE

Download the PDF transcription

Transcription:

James: James Schramko here. Welcome to SuperFastBusiness.com. Today, we're talking about hiring and to do that, I've brought along a special guest, Scott Wintrip from highvelocityhiring.com. Welcome Scott.

Scott: Hello James. Glad to be with you.

James: So I got a hold of your book, High Velocity Hiring, and it’s kind of like the title is a giveaway really to the key message there. What do you think is the big discovery that will shock my listeners when it comes to hiring?

Big discovery

Scott: So there's been a mindset in hiring, even a mantra that goes with it. And the way it goes is you should be slow to hire and quick to fire. I certainly kind of agree with moving on, letting somebody go when it's clear they're not a fit. It's the 'slow to hire' part that I have a problem with. Lots of leaders equate spending time and effort on hiring, and the more time and effort you spend, the better the hire they think will be. That's increased the rounds of interviews from two to three to four, I've heard five and even six rounds of interviews before they’ll offer somebody a job.

 

"The longer the process, the worse the hire."CLICK TO TWEET

What I've discovered in my work is the longer the process takes, the worse the hire usually turns out. And the opposite is true. The faster you hire, if you have a process that allows you to fill jobs after just one interview, those end up being the best hires with the very best people.

James: So what sort of process did you use to discover this? How do you do that kind of research?

Scott: Well, the research was my own beating my head against the wall early in my career. I started up my career as a recruiter and I didn't know much about recruiting. I was a music major in college. Of course you see the immediate connection there, James, I'm sure, between music and recruiting, there is none. So I had to learn how to do it from scratch.

"Businesses always need somebody today."CLICK TO TWEET

When I started out, what I found was, the businesses always needed somebody today. Every time they had a need, it was today or yesterday. So because I had so little knowledge, I had to rely on common sense. My common sense idea is, if they always need people today, I better cultivate people before they need them. So I did that,

A real business can function with minimum input from you. Do you dare to take the travel test?

Podcast highlights:

02:44 - Differentiating a job from a business

03:48 - The laptop dependency test

11:30 - What is your business model?

13:13 - From Brent’s studio to the present

19:27 - What could happen while you’re away?

28:45 - When to take action

30:45 - The relationships you form

36:27 - Re-calibrating along the way

43:08 - The main point of the episode

Build your business better - join James’s mastermind/getaway in the Maldives. Details HERE

Download the PDF transcription

Transcription:

James: James Schramko here. Welcome back to SuperFastBusiness.com. Today, a very, very special episode, because it's been a little while between episodes and part of the reason is, for the last month or so I've been travelling and the team have been putting up some information on the website while I've been away. But that's really the subject of today's podcast. Today's podcast is called The Travel Test - How To Know If You Have A Solid Business Or Really Just A Job. And I've got a special guest here with me, Brent Mail. Welcome to the call.

Brent: Thanks for having me, James.

James: You pretty much invited yourself on the show. I'm just kidding. When I was away in Europe, you sent me a message and you said, “Hey, would you like to go to Fiji and surf for a week?” And I said, “Sure.” And that's basically how that happened.

So you and I have just spent the last week in tropical paradise Fiji, surfing the aqua blue waves over shallow coral, improving our surfing ability. And during that week we had some wonderful experiences, and we thought it would be a great idea to share some of the nuances to this.

And we should also step back a little bit and let our audience know a bit about who you are, Brent, and also how we met a few times in the past. So first off, you are a photographer and you have a website called ShareInspireCreate.com. Is that right?

A little background on Brent

Brent: Yes, that's right. And that's kind of my values. I used to have my name on it, but then I just wanted to get away from my name, because it’s not about me, it's about the people that I can help.

James: Well, here at SuperFastBusiness.com, we can relate to that.

Brent: Cool.

James: Creating something bigger than our own name. It is kind of tied into our topic, though, which is starting to look at the differences between a job and a business.

Job vs Business

When you have a job, for example, the person who would take us in a maxi taxi with our surfboard bag to the airport, that person generally has a job, because they're driving in a taxi. Now maybe they own the taxi, and maybe they own a few taxis, and they lease them out to other drivers. And if that were the case, they start to look more like a business owner. Because if they're not going to drive the next shift, the taxis will still circulate, the money will still come in from the lease rental, and the business will continue.

So this is a really interesting topic and something I've been through personally researching for the last few years. And a big turning point for me was when I went to the Maldives the first time. And I've been there several times now, maybe four. I’m coming up the fifth time soon. And the first time that I went away, my big sort of goal was to be able to take that week away without a laptop....