Entrepreneurship Masterclass: How to Make $10k - $1M per Month - Daniel Priestley
Aug 31, 2023
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Daniel Priestley, founder of Dent Global, shares practical steps and strategies to go from zero to a million dollars per month as an entrepreneur. They discuss the entrepreneur journey, targeting the student market, differentiating J-Cove businesses, pitfalls of selling snake oil, building a team for growth, online personal branding for doctors, creating a key person of influence, scaling the business, and the upsides and downsides of entrepreneurship.
Consider whether your business is a sales or volume business, and choose a model that aligns with your goals and resources.
Efficiently and effectively test your business ideas through introduction events, quizzes, and gathering feedback from relevant communities and networks.
Explore non-J-curve business models that offer higher returns with fewer clients by focusing on a well-defined target audience and selling at an appropriate price point.
Identify your target market with the highest potential return on investment and align your business to their needs, increasing the chances of profitability.
Establish yourself as a key person of influence through personal branding and delegate operational responsibilities to a team when aiming for higher revenue goals.
Deep dives
Generating Business Ideas
When coming up with business ideas, it's important to consider whether it is a sales business or a volume business. Sales businesses involve selling higher ticket items to a smaller number of clients, while volume businesses focus on selling lower ticket items to a larger number of clients. Sales businesses have a more predictable cash flow and allow for scalability, while volume businesses require substantial investment and are more challenging to scale. It's crucial to choose a business model that aligns with your goals and resources.
Testing Business Ideas
Once you have generated business ideas, it is essential to test them efficiently and effectively. One way to test an idea is by running introduction events, quizzes, or creating WhatsApp groups to gauge interest and engagement. These tests can help validate the demand for your product or service without significant investment. It is crucial to reach out to relevant communities, networks, and potential customers to gather feedback and assess the market's response to your idea.
Non-J-Curve Business Models
It is advisable to consider non-J-curve business models, which involve sales businesses with higher ticket items or services. These types of businesses offer the potential for higher returns with fewer clients. By selling products or services at an appropriate price point and focusing on a well-defined target audience, you can achieve a more predictable and profitable revenue stream. This approach allows for targeted sales efforts and the ability to scale your business more efficiently.
Identifying the Right Market
To build a successful business, it is essential to identify your target market and focus on serving those with the highest potential return on investment. By understanding the purchasing power and needs of your target customers, you can better position your product or services and ensure a higher likelihood of sales success. Whether it's targeting high-net-worth individuals or specific industries, aligning your business with the right market can greatly increase its chances of profitability.
Building a Team and Establishing Key Person of Influence
To move from the 10K to 100K per month mark, it is important to establish oneself as a key person of influence. This involves being the face of the business, giving talks, appearing on podcasts, and publishing content to attract and engage the target market. At this stage, it is crucial to have a team in place, consisting of a manager who can run the day-to-day operations of the business, along with other key roles such as salespeople, customer service representatives, and administrators. The key person of influence should focus on driving growth, finding new opportunities, and consistently analyzing and optimizing the business strategies.
Expanding the Product Ecosystem and Campaigning for New Markets
At the 100K per month mark, it is important to build out the product ecosystem and start targeting larger markets. This involves expanding the range of products or services offered to cater to different customer needs. For example, if the initial business was focused on web design for doctors, the key person of influence could consider offering web design services for dentists or other medical professionals. This expansion requires identifying opportunities and establishing partnerships to reach new markets. At this point, the focus should be on campaigns and marketing efforts to promote the business's unique offerings and stand out as a key player in the industry.
Building a Portfolio of Businesses
The podcast discusses the concept of building a portfolio of businesses, where multiple businesses are owned and managed as a group. This approach allows for diversification and the ability to focus on each team and business independently. It also provides the advantage of being able to invest in new businesses rather than trying to fix an existing one.
Scaling a Team and Managing Growth
The podcast explores the challenges of scaling a team and managing growth. It highlights the importance of effective leadership and communication as a team grows. It also discusses the critical points at which the dynamics of a team change, such as when the team size goes from 12 to 13, leading to the need for additional structure and coordination.
The Value of Assets in Business
The podcast emphasizes the value of assets, including intellectual property (IP), media, and software, in scaling businesses. It explains that these assets contribute to productivity and can significantly amplify growth. It also mentions the importance of leveraging assets in order to maximize scalability and value creation in a business.
Imagine having so many clients, you had to turn them away. This is the foundation of most successful businesses - to have people lining up wanting to buy your product and do business with you. Our guest today, Daniel Priestley, knows how to turn that into a reality. The term Daniel uses to describe this situation is "oversubscribed". Daniel is the founder of Dent Global, a company that operates across four continents, assisting businesses to stand out, scale up and make a positive impact. Daniel's book "Oversubscribed" is one of my most highlighted books and is the playbook I follow when thinking about how to create a business that outstrips your competition. Daniel's also written other insightful books, like 'Entrepreneur Revolution,' 'Key Person of Influence,' and '24 Assets,' each one of them offering insights on how to thrive in the modern business landscape. In this episode we talk about all things entrepreneurship and how to make $10k - $1M per month. I hope you enjoy the episode as much as I did :)
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