Happy New Year, everyone! This is an exciting time of year for any business owner because it’s a season of learning and moving forward. It’s always fun to look back at where you came from or where you started, but it’s even better if you can use that time to learn about your next steps.
At the beginning of every year I like to ask myself 3 questions:
- What went well last year?
- What didn’t go well last year?
- What caused things to not go well- what barriers did we come up against and how do we avoid those moving forward?
For us, the thing that went well was doubling our numbers from 2018. The thing that didn’t go so well was losing a lot of customers that were not in our target market in the first place. I’m going to talk more about that in a second part, but for now let’s talk about how you might be answering those last two questions.
In 2019 I saw a LOT of business owners, specifically newer or smaller business owners, trying and failing to really get their brand off the ground. I can’t speak for every case, but what I noticed was that a lot of people were working extremely hard trying to build off a business model that helped someone else’s business instead of their own. Examples of this might be drop shipping or affiliate marketing or MLMS. These business models have people selling products that they don’t own to a market of people they worked hard to acquire.
Here’s the problem with that: you don’t own any part of that business model. If the product you’re selling was gone tomorrow, you would be left with little to nothing.
I call these “short cut business models” because they may seem lucrative at first, but after awhile the money stops coming in, you hit a wall, your customer base dries up. If you are in a situation like this, I would tell you to change your model and do it sooner than later. 2020 is the year to find a business model that actually works.
If you want more information about the business model I used to build my first business, you can tune into our live training next Tuesday, January 7. I’m going to be showing you the actual business model I used as the foundation for my business, as well as how to pick the perfect niche, how to create a product, name that product, price that product and more. It’s definitely worth your time and I’d love to see you over there. If you want more info on that, visit samcart.com/2020.
There’s still another part of this conversation- that’ll be coming up soon. I want to share what I learned when I asked myself the three questions I gave you at the beginning of the podcast. Keep an eye out for that and I’ll see you all soon.